Zurcher Kantonalbank Zurich Cantonalbank Boosts Position in CubeSmart (NYSE:CUBE)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of CubeSmart (NYSE:CUBE) by 34.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 168,881 shares of the real estate investment trust’s stock after acquiring an additional 42,871 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of CubeSmart worth $7,237,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Oak Thistle LLC increased its position in CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock worth $1,383,000 after buying an additional 22,582 shares in the last quarter. Entropy Technologies LP purchased a new stake in CubeSmart in the fourth quarter worth about $445,000. BNP Paribas Financial Markets increased its position in CubeSmart by 32.9% in the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock worth $8,531,000 after buying an additional 39,270 shares in the last quarter. Franklin Resources Inc. increased its position in CubeSmart by 13.1% in the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after buying an additional 36,919 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in CubeSmart in the third quarter worth about $628,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Wells Fargo & Company dropped their price objective 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. KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Barclays dropped their price objective on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart currently has an average rating of “Hold” and an average price target of $48.00.

CubeSmart Price Performance

Shares of CubeSmart stock opened at $40.75 on Friday. The stock has a 50 day moving average of $41.75 and a 200 day moving average of $46.62. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The firm has a market cap of $9.29 billion, a PE ratio of 23.02, a PEG ratio of 11.58 and a beta of 0.88. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

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

CubeSmart Dividend Announcement

The business 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. This represents a $2.08 annualized dividend and a dividend yield of 5.10%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

CubeSmart 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.