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

Proficio Capital Partners LLC purchased a new stake in CubeSmart (NYSE:CUBE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,449 shares of the real estate investment trust’s stock, valued at approximately $619,000.

A number of other large investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of CubeSmart by 1.1% in the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after purchasing an additional 50,340 shares during the period. Charles Schwab Investment Management Inc. raised its stake in CubeSmart by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after buying an additional 135,211 shares in the last quarter. Duff & Phelps Investment Management Co. raised its stake in CubeSmart by 2.0% in the third quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock worth $118,487,000 after buying an additional 42,994 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in 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 worth $90,229,000 after buying an additional 1,282,995 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in CubeSmart by 13.9% in the third quarter. Wellington Management Group LLP now owns 929,707 shares of the real estate investment trust’s stock worth $50,046,000 after buying an additional 113,422 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CUBE. Wells Fargo & Company reduced their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Royal Bank of Canada reduced their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the stock 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 reduced their price target for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $48.08.

CubeSmart Stock Performance

Shares of CUBE opened at $42.91 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a 50-day moving average of $41.78 and a two-hundred day moving average of $46.78. The stock has a market cap of $9.78 billion, a P/E ratio of 24.24, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a one year low of $39.80 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. As a group, research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.85%. CubeSmart’s payout ratio is currently 120.93%.

CubeSmart Company 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.