Brevan Howard Capital Management LP Has $497,000 Position in CubeSmart (NYSE:CUBE)

Brevan Howard Capital Management LP lifted its stake in CubeSmart (NYSE:CUBE) by 63.3% during the fourth quarter, HoldingsChannel reports. The fund owned 11,609 shares of the real estate investment trust’s stock after purchasing an additional 4,499 shares during the quarter. Brevan Howard Capital Management LP’s holdings in CubeSmart were worth $497,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. grew its stake in CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 289 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of CubeSmart by 0.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock valued at $2,280,000 after buying an additional 306 shares in the last quarter. Magnetar Financial LLC increased its holdings in CubeSmart by 2.3% in 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 increased its holdings in CubeSmart by 2.5% in 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 raised its position 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 valued at $299,000 after acquiring an additional 342 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CUBE shares. Royal Bank of Canada dropped their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and cut their target price for the company from $46.00 to $45.00 in a report on Friday, January 10th. 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. Evercore ISI boosted their target price on CubeSmart from $44.00 to $47.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $46.85.

CubeSmart Stock Performance

NYSE CUBE opened at $42.68 on Friday. The company’s fifty day moving average is $40.58 and its two-hundred day moving average is $43.17. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. 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 $9.73 billion, a price-to-earnings ratio of 24.11, a P/E/G ratio of 11.58 and a beta of 1.00.

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

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were given a $0.52 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 4.87%. CubeSmart’s dividend payout ratio (DPR) is currently 123.08%.

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.