Magnetar Financial LLC Purchases 320 Shares of CubeSmart (NYSE:CUBE)

Magnetar Financial LLC boosted its position in shares of CubeSmart (NYSE:CUBE) by 2.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 14,153 shares of the real estate investment trust’s stock after buying an additional 320 shares during the quarter. Magnetar Financial LLC’s holdings in CubeSmart were worth $606,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP raised its holdings in CubeSmart by 19.8% during the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 227 shares during the last quarter. CIBC Asset Management Inc raised its holdings in CubeSmart by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock worth $358,000 after purchasing an additional 233 shares during the last quarter. HighTower Advisors LLC raised its holdings in CubeSmart by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after purchasing an additional 243 shares during the last quarter. Captrust Financial Advisors raised its holdings in CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after purchasing an additional 248 shares during the last quarter. Finally, Blue Trust Inc. raised 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 worth $29,000 after purchasing an additional 289 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

CubeSmart Price Performance

Shares of CUBE opened at $41.62 on Friday. 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 simple moving average of $41.81 and a 200 day simple moving average of $46.18. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The firm has a market capitalization of $9.49 billion, a PE ratio of 23.52, a P/E/G ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share 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. Sell-side analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is currently 120.93%.

Analysts Set New Price Targets

A number of analysts have recently commented on CUBE shares. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Royal Bank of Canada lowered their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and lowered their price target for the company from $50.00 to $47.00 in a research note on Friday, January 17th. KeyCorp raised 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. Finally, Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $48.00.

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.