Sanctuary Advisors LLC Purchases Shares of 11,668 CubeSmart (NYSE:CUBE)

Sanctuary Advisors LLC acquired a new position in shares of CubeSmart (NYSE:CUBE) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,668 shares of the real estate investment trust’s stock, valued at approximately $628,000.

A number of other large investors have also made changes to their positions in the stock. BNP Paribas Financial Markets increased its stake in CubeSmart by 32.9% during the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock valued at $8,531,000 after acquiring an additional 39,270 shares during the period. Harbor Capital Advisors Inc. increased its position in shares of CubeSmart by 127.1% during the third quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock valued at $1,777,000 after purchasing an additional 18,475 shares during the period. Victory Capital Management Inc. raised its stake 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 purchasing an additional 173,683 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in CubeSmart in the third quarter worth $1,452,000. Finally, Bridges Investment Management Inc. acquired a new stake in CubeSmart during the second quarter worth $541,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CUBE. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Royal Bank of Canada decreased their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Barclays dropped their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Jefferies Financial Group upped their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Evercore ISI lifted their price objective on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $51.36.

CubeSmart Stock Performance

CubeSmart stock opened at $43.21 on Wednesday. The stock has a 50-day simple moving average of $47.74 and a 200 day simple moving average of $48.51. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of 24.41, a P/E/G ratio of 13.00 and a beta of 0.84. 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.

CubeSmart (NYSE:CUBE) last announced 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). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. During the same period in the prior year, the firm posted $0.68 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. On average, research analysts anticipate 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. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.81%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s payout ratio is presently 117.51%.

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.