Quarry LP Acquires 3,825 Shares of CubeSmart (NYSE:CUBE)

Quarry LP boosted its holdings in CubeSmart (NYSE:CUBE) by 279.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,196 shares of the real estate investment trust’s stock after purchasing an additional 3,825 shares during the period. Quarry LP’s holdings in CubeSmart were worth $223,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of CubeSmart by 74.9% during the fourth 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 in the last quarter. Thrivent Financial for Lutherans boosted its stake in CubeSmart by 0.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock worth $2,280,000 after buying an additional 306 shares during the last quarter. Magnetar Financial LLC boosted its stake in CubeSmart by 2.3% during the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust’s stock worth $606,000 after buying an additional 320 shares during the last quarter. Mariner LLC boosted its stake in CubeSmart by 2.5% during the fourth quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust’s stock worth $585,000 after buying an additional 328 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in CubeSmart by 5.1% during the fourth quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust’s stock worth $299,000 after buying an additional 342 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Down 0.4 %

Shares of CUBE stock opened at $39.79 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market capitalization of $9.11 billion, a P/E ratio of 22.48, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The company has a 50 day moving average price of $40.68 and a 200 day moving average price of $43.65. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14.

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

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is currently 120.93%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Royal Bank of Canada decreased their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and decreased their price target for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Finally, KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $47.31.

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.