New York Life Investment Management LLC Buys Shares of 25,468 CubeSmart (NYSE:CUBE)

New York Life Investment Management LLC bought a new stake in CubeSmart (NYSE:CUBE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 25,468 shares of the real estate investment trust’s stock, valued at approximately $1,180,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC raised its position in CubeSmart by 22.3% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 5,761 shares of the real estate investment trust’s stock valued at $220,000 after purchasing an additional 1,051 shares during the period. Nordea Investment Management AB grew its stake in shares of CubeSmart by 30.6% in the fourth quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust’s stock worth $22,633,000 after acquiring an additional 113,571 shares in the last quarter. Lecap Asset Management Ltd. acquired a new position in shares of CubeSmart in the fourth quarter worth $1,370,000. DAVENPORT & Co LLC grew its stake in shares of CubeSmart by 24.4% in the fourth quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust’s stock worth $5,781,000 after acquiring an additional 24,483 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in shares of CubeSmart by 95.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 75,900 shares of the real estate investment trust’s stock worth $2,894,000 after acquiring an additional 37,086 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE opened at $42.26 on Wednesday. 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 has a 1 year low of $33.17 and a 1 year high of $47.81. The company has a market capitalization of $9.51 billion, a PE ratio of 23.48 and a beta of 0.72. The company has a fifty day moving average of $43.43 and a two-hundred day moving average of $42.53.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data 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 company had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. During the same quarter in the prior year, the company earned $0.65 EPS. The business’s revenue was up 1.9% on a year-over-year basis. As a group, analysts expect that CubeSmart will post 2.65 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a $0.51 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.83%. CubeSmart’s payout ratio is 113.33%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Raymond James restated an “outperform” rating and issued a $48.00 price target on shares of CubeSmart in a research note on Thursday, March 28th. Barclays assumed coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price target for the company. Wells Fargo & Company boosted their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Evercore ISI boosted their target price on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They set a “sell” rating and a $40.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, CubeSmart presently has a consensus rating of “Hold” and an average price target of $46.33.

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.