Everence Capital Management Inc. Purchases New Shares in CubeSmart (NYSE:CUBE)

Everence Capital Management Inc. acquired a new stake in shares of CubeSmart (NYSE:CUBE) in the 4th quarter, Holdings Channel reports. The firm acquired 5,380 shares of the real estate investment trust’s stock, valued at approximately $231,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CUBE. Versant Capital Management Inc grew its position in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 673 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of CubeSmart in the 3rd quarter valued at approximately $442,000. Franklin Resources Inc. boosted its holdings in shares of CubeSmart by 13.1% in the 3rd quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after purchasing an additional 36,919 shares during the period. Decatur Capital Management Inc. increased its position in shares of CubeSmart by 169.9% during the 3rd quarter. Decatur Capital Management Inc. now owns 80,194 shares of the real estate investment trust’s stock valued at $4,317,000 after purchasing an additional 50,484 shares during the last quarter. Finally, Tidal Investments LLC raised its holdings in CubeSmart by 24.7% during the 3rd quarter. Tidal Investments LLC now owns 141,099 shares of the real estate investment trust’s stock valued at $7,523,000 after buying an additional 27,912 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Price Performance

Shares of CUBE stock opened at $41.28 on Thursday. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a fifty day simple moving average of $46.29 and a two-hundred day simple moving average of $48.33. The stock has a market capitalization of $9.34 billion, a price-to-earnings ratio of 23.32, a P/E/G ratio of 13.00 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The business had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $0.68 earnings per share. On average, analysts predict that CubeSmart will post 2.63 EPS for the current fiscal year.

CubeSmart Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be paid a $0.52 dividend. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 5.04%. CubeSmart’s payout ratio is 117.51%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of several recent analyst reports. Evercore ISI lifted their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Barclays reduced their price objective on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Wells Fargo & Company boosted their target price on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada cut their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $49.91.

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.