Presima Securities ULC Buys 433,790 Shares of CubeSmart (NYSE:CUBE)

Presima Securities ULC lifted its stake in shares of CubeSmart (NYSE:CUBE) by 4,092.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 444,390 shares of the real estate investment trust’s stock after buying an additional 433,790 shares during the period. CubeSmart makes up approximately 4.7% of Presima Securities ULC’s investment portfolio, making the stock its 8th biggest holding. Presima Securities ULC’s holdings in CubeSmart were worth $19,042,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CUBE. Quarry LP raised its position in CubeSmart by 19.8% during the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after buying an additional 227 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of CubeSmart by 3.6% during the third quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock worth $358,000 after purchasing an additional 233 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of CubeSmart by 0.8% during the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after purchasing an additional 243 shares during the last quarter. Mirador Capital Partners LP boosted its holdings in CubeSmart by 1.6% in the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after purchasing an additional 248 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after purchasing an additional 248 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $41.70 on Friday. The business’s 50 day moving average price is $44.60 and its 200 day moving average price is $48.00. The company has a market cap of $9.43 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 11.20 and a beta of 0.87. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a one year low of $39.80 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. On average, research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.99%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Scotiabank lowered their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Barclays cut their price objective on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $49.73.

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.