SG Americas Securities LLC Boosts Stake in CubeSmart (NYSE:CUBE)

SG Americas Securities LLC lifted its position in shares of CubeSmart (NYSE:CUBE) by 10,685.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 488,579 shares of the real estate investment trust’s stock after buying an additional 484,049 shares during the period. SG Americas Securities LLC’s holdings in CubeSmart were worth $20,936,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after purchasing an additional 624,661 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of CubeSmart by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after acquiring an additional 50,340 shares during the period. Charles Schwab Investment Management Inc. increased its stake in CubeSmart by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after buying an additional 135,211 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in shares of CubeSmart by 2.0% in the third quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock worth $118,487,000 after buying an additional 42,994 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in CubeSmart by 326.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after buying an additional 1,282,995 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CUBE has been the topic of several analyst reports. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and cut their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Royal Bank of Canada dropped their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price objective for the company from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Scotiabank lowered their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $49.73.

CubeSmart Trading Down 1.9 %

Shares of CUBE opened at $40.69 on Thursday. The business’s 50-day moving average price is $44.87 and its 200 day moving average price is $48.07. The stock has a market capitalization of $9.20 billion, a P/E ratio of 22.99, a P/E/G ratio of 11.41 and a beta of 0.87. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 earnings per share. Analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were issued a $0.52 dividend. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 annualized dividend and a yield of 5.11%. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

About CubeSmart

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.