AlphaQuest LLC Invests $1.62 Million in CubeSmart (NYSE:CUBE)

AlphaQuest LLC bought a new position in CubeSmart (NYSE:CUBE) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 37,724 shares of the real estate investment trust’s stock, valued at approximately $1,616,000.

Several other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of CubeSmart by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after acquiring an additional 50,340 shares during the period. Cbre Investment Management Listed Real Assets LLC lifted its stake in shares of CubeSmart by 6.0% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after acquiring an additional 191,862 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of CubeSmart by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust’s stock worth $133,894,000 after acquiring an additional 91,822 shares during the period. Duff & Phelps Investment Management Co. lifted its stake in shares of CubeSmart by 2.0% in the third quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock valued at $118,487,000 after purchasing an additional 42,994 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of CubeSmart by 326.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after purchasing an additional 1,282,995 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on CUBE. Barclays reduced their price objective on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Royal Bank of Canada reduced their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research note on Thursday. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price objective for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.08.

CubeSmart Stock Performance

Shares of CUBE opened at $42.91 on Friday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market cap of $9.78 billion, a P/E ratio of 24.24, a PEG ratio of 11.58 and a beta of 0.88. The company has a 50-day moving average of $41.78 and a two-hundred day moving average of $46.80. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.85%. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

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.