Walleye Capital LLC Buys Shares of 7,340 CubeSmart (NYSE:CUBE)

Walleye Capital LLC purchased a new position in shares of CubeSmart (NYSE:CUBE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,340 shares of the real estate investment trust’s stock, valued at approximately $315,000.

Several other hedge funds have also made changes to their positions in the stock. Howard Capital Management Group LLC acquired a new stake in CubeSmart in the third quarter worth $212,000. Barclays PLC lifted its position in CubeSmart by 54.0% in the 3rd quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust’s stock valued at $17,793,000 after purchasing an additional 115,904 shares during the last quarter. Virtu Financial LLC acquired a new position in CubeSmart during the 3rd quarter valued at about $566,000. Anchor Investment Management LLC bought a new position in CubeSmart in the 3rd quarter worth about $79,000. Finally, Tidal Investments LLC grew its position in CubeSmart by 24.7% in the 3rd quarter. Tidal Investments LLC now owns 141,099 shares of the real estate investment trust’s stock worth $7,523,000 after purchasing an additional 27,912 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

CUBE opened at $39.94 on Friday. The business has a fifty day simple moving average of $40.72 and a 200-day simple moving average of $43.81. The firm has a market cap of $9.14 billion, a PE ratio of 22.57, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating 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 return on equity of 14.33% and a net margin of 37.79%. As a group, equities analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.21%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart’s dividend payout ratio is 120.93%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a research note on Thursday, March 6th. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and cut their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Deutsche Bank Aktiengesellschaft upgraded 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 research report on Friday, January 10th. Finally, Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart has an average rating of “Hold” and a consensus price target of $47.31.

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.