International Assets Investment Management LLC Acquires New Position in CubeSmart (NYSE:CUBE)

International Assets Investment Management LLC acquired a new stake in CubeSmart (NYSE:CUBE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 60,983 shares of the real estate investment trust’s stock, valued at approximately $2,827,000.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of CubeSmart by 4.9% in the first quarter. Vanguard Group Inc. now owns 32,178,558 shares of the real estate investment trust’s stock valued at $1,674,250,000 after purchasing an additional 1,515,436 shares in the last quarter. BlackRock Inc. lifted its stake in CubeSmart by 0.5% in the first quarter. BlackRock Inc. now owns 26,226,479 shares of the real estate investment trust’s stock worth $1,212,188,000 after acquiring an additional 138,651 shares during the last quarter. State Street Corp lifted its stake in CubeSmart by 1.4% in the first quarter. State Street Corp now owns 12,425,300 shares of the real estate investment trust’s stock worth $580,252,000 after acquiring an additional 173,717 shares during the last quarter. Norges Bank purchased a new position in CubeSmart in the fourth quarter worth approximately $293,769,000. Finally, T. Rowe Price Investment Management Inc. lifted its stake in CubeSmart by 15.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,623,268 shares of the real estate investment trust’s stock worth $226,337,000 after acquiring an additional 740,019 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Down 0.8 %

CUBE stock opened at $41.86 on Friday. The company has a fifty day moving average price of $43.92 and a 200 day moving average price of $42.09. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 23.13 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.87%. CubeSmart’s dividend payout ratio (DPR) is presently 112.71%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price target for the company. Raymond James reiterated an “outperform” rating and issued a $48.00 price target on shares of CubeSmart in a research note on Thursday, March 28th. Truist Financial boosted their price objective on shares of CubeSmart from $43.00 to $46.00 and gave the stock a “hold” rating in a research report on Thursday, December 28th. Evercore ISI boosted their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, March 4th. Finally, Barclays started coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $46.33.

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.