Wolverine Asset Management LLC Acquires 24,987 Shares of CubeSmart (NYSE:CUBE)

Wolverine Asset Management LLC raised its position in CubeSmart (NYSE:CUBE) by 42.2% during the fourth quarter, Holdings Channel reports. The firm owned 84,250 shares of the real estate investment trust’s stock after purchasing an additional 24,987 shares during the period. Wolverine Asset Management LLC’s holdings in CubeSmart were worth $3,610,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP lifted its position in shares of CubeSmart by 19.8% in the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 227 shares during the period. CIBC Asset Management Inc lifted its position in shares of CubeSmart by 3.6% in the 3rd 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 period. HighTower Advisors LLC lifted its position in shares of CubeSmart by 0.8% in the 3rd 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 period. Captrust Financial Advisors lifted its position in shares of CubeSmart by 4.5% in 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. Finally, Blue Trust Inc. lifted its position in shares of CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 289 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada dropped their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and dropped their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their target price for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and dropped their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Finally, Wells Fargo & Company dropped their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $49.18.

CubeSmart Stock Performance

NYSE CUBE opened at $41.82 on Friday. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market cap of $9.46 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 11.39 and a beta of 0.87. The company has a fifty day moving average price of $42.01 and a 200-day moving average price of $47.23.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a $0.52 dividend. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 annualized dividend and a dividend yield of 4.97%. CubeSmart’s dividend payout ratio is presently 117.51%.

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.