JPMorgan Chase & Co. Raises Stock Position in CubeSmart (NYSE:CUBE)

JPMorgan Chase & Co. boosted its holdings in shares of CubeSmart (NYSE:CUBE) by 8.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,299,460 shares of the real estate investment trust’s stock after purchasing an additional 352,754 shares during the period. JPMorgan Chase & Co. owned about 1.90% of CubeSmart worth $184,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of CubeSmart by 2.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 149,679 shares of the real estate investment trust’s stock valued at $6,334,000 after buying an additional 4,076 shares during the period. Prudential Financial Inc. grew its holdings in CubeSmart by 380.8% during the fourth quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust’s stock worth $29,562,000 after acquiring an additional 546,387 shares during the period. Syntax Research Inc. raised its position in CubeSmart by 2,445.7% during the fourth quarter. Syntax Research Inc. now owns 10,412 shares of the real estate investment trust’s stock valued at $446,000 after acquiring an additional 10,003 shares in the last quarter. Vanguard Group Inc. lifted its holdings in CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock valued at $1,350,080,000 after acquiring an additional 85,609 shares during the period. Finally, Stevens Capital Management LP purchased a new stake in CubeSmart in the 4th quarter worth approximately $220,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

Shares of NYSE:CUBE opened at $42.75 on Tuesday. The business’s 50 day moving average price is $41.91 and its 200-day moving average price is $45.65. 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 $9.74 billion, a PE ratio of 24.15, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.87%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 120.93%.

Analysts Set New Price Targets

CUBE has been the subject of several analyst reports. Scotiabank cut shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Royal Bank of Canada cut their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their target price for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and cut their price target for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Finally, Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and lowered their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.00.

CubeSmart Company 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.