D. E. Shaw & Co. Inc. Invests $379,000 in CubeSmart (NYSE:CUBE)

D. E. Shaw & Co. Inc. purchased a new stake in shares of CubeSmart (NYSE:CUBE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,841 shares of the real estate investment trust’s stock, valued at approximately $379,000.

Several other institutional investors have also modified their holdings of the stock. Bank of Montreal Can increased its holdings in shares of CubeSmart by 19.7% in the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock valued at $3,021,000 after acquiring an additional 11,608 shares during the period. Norges Bank acquired a new position in shares of CubeSmart in the 4th quarter valued at about $408,064,000. Raymond James Financial Inc. acquired a new stake in CubeSmart in the 4th quarter worth about $21,278,000. LPL Financial LLC grew its holdings in shares of CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock worth $4,654,000 after buying an additional 17,518 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after purchasing an additional 352,754 shares during the period. 97.61% of the stock is owned by institutional investors.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $41.26 on Tuesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $9.41 billion, a P/E ratio of 23.31, a P/E/G ratio of 11.58 and a beta of 1.00. The firm’s 50 day moving average is $40.66 and its two-hundred day moving average is $42.66. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. Research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.04%. The ex-dividend date is Tuesday, July 1st. CubeSmart’s dividend payout ratio is presently 123.08%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Barclays decreased their target price on shares of CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Friday, May 16th. Wells Fargo & Company reduced their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Mizuho initiated coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They set a “neutral” rating and a $39.00 target price on the stock. Truist Financial upped their target price on shares of CubeSmart from $47.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Finally, Scotiabank upped their target price on shares of CubeSmart from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Monday, May 12th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $47.07.

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.