Quantinno Capital Management LP Raises Position in CubeSmart (NYSE:CUBE)

Quantinno Capital Management LP lifted its holdings in CubeSmart (NYSE:CUBE) by 75.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,037 shares of the real estate investment trust’s stock after purchasing an additional 58,232 shares during the quarter. Quantinno Capital Management LP’s holdings in CubeSmart were worth $5,786,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nissay Asset Management Corp Japan ADV raised its stake in CubeSmart by 1.9% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 32,122 shares of the real estate investment trust’s stock valued at $1,368,000 after buying an additional 590 shares during the last quarter. Nomura Holdings Inc. acquired a new position in shares of CubeSmart during the fourth quarter valued at about $2,338,000. Nuveen Asset Management LLC raised its position in shares of CubeSmart by 11.4% in the 4th quarter. Nuveen Asset Management LLC now owns 1,239,118 shares of the real estate investment trust’s stock valued at $53,096,000 after purchasing an additional 127,086 shares during the last quarter. Millennium Management LLC boosted its stake in CubeSmart by 71.2% in the 4th quarter. Millennium Management LLC now owns 985,079 shares of the real estate investment trust’s stock worth $42,211,000 after purchasing an additional 409,701 shares in the last quarter. Finally, Lazard Asset Management LLC grew its position in CubeSmart by 29.6% during the 4th quarter. Lazard Asset Management LLC now owns 189,938 shares of the real estate investment trust’s stock worth $8,138,000 after purchasing an additional 43,414 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of research analyst reports. Mizuho assumed coverage on shares of CubeSmart in a report on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 price target for the company. Wells Fargo & Company reduced their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Scotiabank boosted their price target on CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Monday, May 12th. Barclays reduced their price objective on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Friday. 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 report on Monday, March 3rd. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $46.93.

CubeSmart Trading Up 2.4%

CubeSmart stock opened at $43.67 on Friday. The firm has a market cap of $9.96 billion, a PE ratio of 24.67, a P/E/G ratio of 11.58 and a beta of 1.00. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The stock’s 50 day simple moving average is $40.62 and its two-hundred day simple moving average is $42.94. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 earnings per share. Analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 123.08%.

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.