CubeSmart (NYSE:CUBE) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp raised its holdings in CubeSmart (NYSE:CUBE) by 14.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,635 shares of the real estate investment trust’s stock after acquiring an additional 10,671 shares during the quarter. Van ECK Associates Corp’s holdings in CubeSmart were worth $3,923,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in CUBE. HHM Wealth Advisors LLC lifted its stake in CubeSmart by 53.1% during the fourth quarter. HHM Wealth Advisors LLC now owns 1,035 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 359 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of CubeSmart by 16.5% during the 4th quarter. Russell Investments Group Ltd. now owns 1,473,429 shares of the real estate investment trust’s stock valued at $68,419,000 after acquiring an additional 208,426 shares during the last quarter. Truist Financial Corp lifted its position in shares of CubeSmart by 14.5% during the 4th quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust’s stock valued at $162,975,000 after acquiring an additional 445,228 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of CubeSmart during the 4th quarter worth $28,000. Finally, OLD National Bancorp IN grew its holdings in shares of CubeSmart by 0.9% in the 4th quarter. OLD National Bancorp IN now owns 166,007 shares of the real estate investment trust’s stock worth $7,694,000 after acquiring an additional 1,438 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CUBE. Raymond James reiterated an “outperform” rating and issued a $48.00 price target on shares of CubeSmart in a research report on Thursday, March 28th. Barclays assumed coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price on the stock. Evercore ISI upped their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, March 4th. 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 objective for the company. Finally, Wells Fargo & Company boosted their target price on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, CubeSmart presently has an average rating of “Hold” and a consensus price target of $46.33.

CubeSmart Price Performance

CUBE opened at $41.75 on Monday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 1 year low of $33.17 and a 1 year high of $47.81. The stock has a fifty day moving average price of $43.46 and a 200 day moving average price of $42.44. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of 23.19 and a beta of 0.72.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm had revenue of $261.41 million for the quarter, compared to analyst estimates of $253.91 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts forecast that CubeSmart will post 2.65 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.89%. The ex-dividend date was Thursday, March 28th. CubeSmart’s dividend payout ratio is 113.33%.

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.