Proficio Capital Partners LLC Takes Position in CubeSmart (NYSE:CUBE)

Proficio Capital Partners LLC acquired a new position in shares of CubeSmart (NYSE:CUBE) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 14,449 shares of the real estate investment trust’s stock, valued at approximately $619,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CUBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of CubeSmart by 326.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after acquiring an additional 1,282,995 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of CubeSmart by 10,685.4% during the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock worth $20,936,000 after acquiring an additional 484,049 shares during the last quarter. Presima Securities ULC grew its stake in shares of CubeSmart by 4,092.4% during the fourth quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock worth $19,042,000 after acquiring an additional 433,790 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC grew its stake in shares of CubeSmart by 6.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after acquiring an additional 191,862 shares during the last quarter. Finally, Lightrock Netherlands B.V. purchased a new stake in CubeSmart in the fourth quarter valued at approximately $6,003,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CUBE. Barclays decreased 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. Royal Bank of Canada cut their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Wells Fargo & Company decreased their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and dropped their target price for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Finally, Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Eight research 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.00.

CubeSmart Price Performance

CUBE opened at $41.62 on Monday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The stock has a fifty day moving average of $41.81 and a 200-day moving average of $46.10. The firm has a market capitalization of $9.49 billion, a P/E ratio of 23.52, a PEG ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $267.54 million. Equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s payout ratio is currently 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.