Mackenzie Financial Corp Acquires 37,452 Shares of CubeSmart (NYSE:CUBE)

Mackenzie Financial Corp increased its holdings in shares of CubeSmart (NYSE:CUBE) by 625.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 43,437 shares of the real estate investment trust’s stock after purchasing an additional 37,452 shares during the quarter. Mackenzie Financial Corp’s holdings in CubeSmart were worth $2,013,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CUBE. Ceredex Value Advisors LLC bought a new stake in shares of CubeSmart during the fourth quarter worth approximately $37,000. Covestor Ltd raised its stake in shares of CubeSmart by 65.8% during the third quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 573 shares during the last quarter. Private Trust Co. NA raised its stake in shares of CubeSmart by 182.9% during the fourth quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 898 shares during the last quarter. ZRC Wealth Management LLC bought a new stake in shares of CubeSmart during the fourth quarter worth approximately $104,000. Finally, Whitaker Myers Wealth Managers LTD. bought a new stake in shares of CubeSmart during the fourth quarter worth approximately $205,000. 97.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on CUBE. Evercore ISI boosted their price target on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of CubeSmart in a report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective for the company. Barclays initiated coverage on shares of CubeSmart in a report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price objective for the company. Raymond James restated an “outperform” rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. Finally, Truist Financial boosted their price objective on shares of CubeSmart from $43.00 to $46.00 and gave the company a “hold” rating in a report on Thursday, December 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, CubeSmart has a consensus rating of “Hold” and a consensus target price of $46.33.

CubeSmart Stock Down 0.9 %

CubeSmart stock opened at $41.80 on Wednesday. The stock has a market capitalization of $9.40 billion, a PE ratio of 23.09 and a beta of 0.69. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average of $43.83 and a 200-day moving average of $42.27.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio (DPR) is presently 112.71%.

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.