Centersquare Investment Management LLC Boosts Holdings in CubeSmart (NYSE:CUBE)

Centersquare Investment Management LLC lifted its position in shares of CubeSmart (NYSE:CUBE) by 31.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,910,373 shares of the real estate investment trust’s stock after purchasing an additional 462,373 shares during the period. Centersquare Investment Management LLC’s holdings in CubeSmart were worth $81,859,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CUBE. Howard Capital Management Group LLC purchased a new stake in CubeSmart during the 3rd quarter worth approximately $212,000. Townsquare Capital LLC acquired a new stake in shares of CubeSmart during the third quarter worth approximately $327,000. PEAK6 Investments LLC bought a new stake in shares of CubeSmart in the third quarter worth $323,000. Captrust Financial Advisors raised its holdings in CubeSmart by 4.5% in the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock valued at $309,000 after acquiring an additional 248 shares in the last quarter. Finally, Centiva Capital LP bought a new position in CubeSmart during the 3rd quarter valued at $611,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CUBE. Wells Fargo & Company dropped their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Barclays lowered their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.00.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $41.06 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market capitalization of $9.36 billion, a PE ratio of 23.20, a P/E/G ratio of 11.58 and a beta of 0.85. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The business’s fifty day moving average price is $41.95 and its two-hundred day moving average price is $45.51.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million for 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%. On average, research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm 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 5.07%. 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.