Walleye Capital LLC Buys Shares of 7,340 CubeSmart (NYSE:CUBE)

Walleye Capital LLC bought a new stake in CubeSmart (NYSE:CUBE) during the fourth quarter, Holdings Channel reports. The institutional investor bought 7,340 shares of the real estate investment trust’s stock, valued at approximately $315,000.

Other hedge funds have also made changes to their positions in the company. Versant Capital Management Inc increased its position in CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 673 shares during the last quarter. Blue Trust Inc. grew its stake 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 valued at $29,000 after buying an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 389 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 559 shares during the last quarter. Finally, UMB Bank n.a. raised its position in CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 351 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CUBE shares. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Barclays decreased their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada decreased their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $47.31.

CubeSmart Stock Up 0.9 %

Shares of CUBE opened at $39.94 on Friday. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The firm has a market capitalization of $9.14 billion, a P/E ratio of 22.57, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a 50-day simple moving average of $40.72 and a 200-day simple moving average of $43.81. 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 (NYSE:CUBE) last announced its quarterly earnings data 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 the consensus estimate of $267.54 million. On average, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.21%. The ex-dividend date was Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

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.