CIBC Asset Management Inc Raises Stock Holdings in CubeSmart (NYSE:CUBE)

CIBC Asset Management Inc raised its position in shares of CubeSmart (NYSE:CUBE) by 5.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,984 shares of the real estate investment trust’s stock after buying an additional 342 shares during the period. CIBC Asset Management Inc’s holdings in CubeSmart were worth $299,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CUBE. Versant Capital Management Inc raised its stake in shares of CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 673 shares during the last quarter. Blue Trust Inc. increased its holdings in CubeSmart by 74.9% during the 4th 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 during the period. Peterson Financial Group Inc. bought a new position in CubeSmart during the 3rd quarter valued at approximately $33,000. UMB Bank n.a. lifted its holdings in CubeSmart by 59.4% in the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 351 shares during the period. Finally, Brooklyn Investment Group bought a new stake in shares of CubeSmart in the 3rd quarter worth approximately $59,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE opened at $42.16 on Tuesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market cap of $9.53 billion, a P/E ratio of 23.82, a P/E/G ratio of 11.58 and a beta of 0.87. The business’s 50 day moving average price is $41.93 and its 200-day moving average price is $47.19. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14.

CubeSmart Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a $0.52 dividend. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s dividend payout ratio is currently 117.51%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Barclays decreased their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their price objective for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and cut their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Royal Bank of Canada decreased their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Finally, Scotiabank cut their price objective 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. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $49.18.

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.