Wolverine Asset Management LLC Has $3.61 Million Stake in CubeSmart (NYSE:CUBE)

Wolverine Asset Management LLC boosted its holdings in CubeSmart (NYSE:CUBE) by 42.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,250 shares of the real estate investment trust’s stock after purchasing an additional 24,987 shares during the quarter. Wolverine Asset Management LLC’s holdings in CubeSmart were worth $3,610,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CUBE. Creative Planning raised its stake in CubeSmart by 14.4% in the 3rd quarter. Creative Planning now owns 18,335 shares of the real estate investment trust’s stock worth $987,000 after purchasing an additional 2,307 shares in the last quarter. Howard Capital Management Group LLC bought a new position in CubeSmart in the 3rd quarter valued at about $212,000. Sequoia Financial Advisors LLC bought a new position in CubeSmart in the 3rd quarter valued at about $1,452,000. International Assets Investment Management LLC bought a new position in CubeSmart in the 3rd quarter valued at about $3,905,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in CubeSmart by 13.7% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 16,067 shares of the real estate investment trust’s stock valued at $865,000 after buying an additional 1,938 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Down 0.4 %

CUBE opened at $41.82 on Friday. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 11.39 and a beta of 0.87. The company’s 50 day moving average price is $42.01 and its two-hundred day moving average price is $47.23.

CubeSmart Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.97%. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date was Thursday, January 2nd. CubeSmart’s payout ratio is presently 117.51%.

Analyst Ratings Changes

CUBE has been the topic of several recent analyst reports. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and decreased their target price for the company from $50.00 to $47.00 in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their target price for the company from $46.00 to $45.00 in a report on Friday, January 10th. Wells Fargo & Company decreased their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Scotiabank decreased their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $49.18.

CubeSmart Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.