OVERSEA CHINESE BANKING Corp Ltd Takes Position in CubeSmart (NYSE:CUBE)

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of CubeSmart (NYSE:CUBE) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 41,500 shares of the real estate investment trust’s stock, valued at approximately $1,778,000.

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. grew its position in CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its position in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 389 shares in the last quarter. 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. SRS Capital Advisors Inc. grew its position in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 559 shares in the last quarter. Finally, UMB Bank n.a. grew its position in CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 351 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on CUBE shares. Wells Fargo & Company cut their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their price target for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a research note on Thursday, March 6th. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada lowered their price target 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. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, CubeSmart presently has an average rating of “Hold” and a consensus price target of $48.00.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $41.97 on Thursday. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company’s 50-day moving average is $41.77 and its 200 day moving average is $46.28. The stock has a market capitalization of $9.56 billion, a P/E ratio of 23.71, a P/E/G ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to analysts’ expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

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.