Nordea Investment Management AB Has $18.31 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Nordea Investment Management AB grew its position in shares of CubeSmart (NYSE:CUBE) by 4.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 427,579 shares of the real estate investment trust’s stock after buying an additional 19,012 shares during the quarter. Nordea Investment Management AB’s holdings in CubeSmart were worth $18,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake 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. Allspring Global Investments Holdings LLC boosted its holdings in CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after purchasing an additional 624,661 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of CubeSmart by 12.5% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares in the last quarter. Sei Investments Co. increased its holdings in shares of CubeSmart by 38.2% during the second quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock worth $34,427,000 after purchasing an additional 210,871 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of CubeSmart by 46.6% in the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after buying an additional 173,683 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Scotiabank reduced their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and reduced their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Evercore ISI boosted their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Royal Bank of Canada cut their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Finally, Wells Fargo & Company raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.91.

CubeSmart Stock Down 0.7 %

Shares of NYSE CUBE opened at $41.28 on Thursday. The company has a market cap of $9.34 billion, a price-to-earnings ratio of 23.32, a PEG ratio of 13.00 and a beta of 0.87. 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 50-day moving average price of $46.29 and a two-hundred day moving average price of $48.33. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14.

CubeSmart (NYSE:CUBE) last issued its earnings results 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 company had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 EPS. As a group, analysts forecast that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

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

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.