OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in CubeSmart (NYSE:CUBE)

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in CubeSmart (NYSE:CUBE) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 41,500 shares of the real estate investment trust’s stock, valued at approximately $1,778,000.

A number of other institutional investors have also recently made changes to their positions in CUBE. Howard Capital Management Group LLC purchased a new stake in shares of CubeSmart during the third quarter valued at approximately $212,000. CIBC Asset Management Inc grew its holdings in shares of CubeSmart by 3.6% during the third quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock valued at $358,000 after buying an additional 233 shares during the last quarter. Natixis Advisors LLC grew its holdings in shares of CubeSmart by 4.6% during the third quarter. Natixis Advisors LLC now owns 71,126 shares of the real estate investment trust’s stock valued at $3,829,000 after buying an additional 3,131 shares during the last quarter. Pathstone Holdings LLC grew its holdings in shares of CubeSmart by 1.5% during the third quarter. Pathstone Holdings LLC now owns 73,279 shares of the real estate investment trust’s stock valued at $3,945,000 after buying an additional 1,076 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of CubeSmart during the third quarter valued at approximately $3,810,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analysts Set New Price Targets

CUBE has been the topic of a number of research analyst reports. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Royal Bank of Canada lowered their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $48.00.

CubeSmart Stock Down 0.8 %

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

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

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.96%. CubeSmart’s payout ratio is 120.93%.

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.