Cibc World Markets Corp Buys 6,213 Shares of CubeSmart (NYSE:CUBE)

Cibc World Markets Corp increased its stake in CubeSmart (NYSE:CUBE) by 10.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,727 shares of the real estate investment trust’s stock after purchasing an additional 6,213 shares during the period. Cibc World Markets Corp’s holdings in CubeSmart were worth $2,816,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CUBE. Howard Capital Management Group LLC bought a new position in shares of CubeSmart in the third quarter worth approximately $212,000. CIBC Asset Management Inc increased its position in shares of CubeSmart by 3.6% in 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. Natixis Advisors LLC increased its position in shares of CubeSmart by 4.6% in the third quarter. Natixis Advisors LLC now owns 71,126 shares of the real estate investment trust’s stock worth $3,829,000 after purchasing an additional 3,131 shares during the last quarter. Pathstone Holdings LLC increased its position in shares of CubeSmart by 1.5% in the third quarter. Pathstone Holdings LLC now owns 73,279 shares of the real estate investment trust’s stock worth $3,945,000 after purchasing an additional 1,076 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of CubeSmart in the third quarter worth approximately $3,810,000. 97.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Royal Bank of Canada reduced their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price target for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Finally, Scotiabank cut shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $48.00.

CubeSmart Stock Performance

Shares of CUBE stock opened at $42.04 on Friday. The stock has a fifty day moving average of $41.78 and a 200 day moving average of $46.25. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.75, a PEG ratio of 11.58 and a beta of 0.88. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last announced 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. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. As a group, research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.95%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s payout ratio is 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.