Norges Bank Acquires Shares of 9,523,077 CubeSmart (NYSE:CUBE)

Norges Bank bought a new position in shares of CubeSmart (NYSE:CUBE) during the 4th quarter, Holdings Channel reports. The firm bought 9,523,077 shares of the real estate investment trust’s stock, valued at approximately $408,064,000.

Several other large investors also recently made changes to their positions in CUBE. JPMorgan Chase & Co. grew its holdings in CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after acquiring an additional 352,754 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of CubeSmart by 2.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 149,679 shares of the real estate investment trust’s stock worth $6,334,000 after purchasing an additional 4,076 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of CubeSmart by 380.8% during the fourth quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust’s stock worth $29,562,000 after purchasing an additional 546,387 shares in the last quarter. Syntax Research Inc. grew its stake in shares of CubeSmart by 2,445.7% during the fourth quarter. Syntax Research Inc. now owns 10,412 shares of the real estate investment trust’s stock valued at $446,000 after purchasing an additional 10,003 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock valued at $1,350,080,000 after purchasing an additional 85,609 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 1.0 %

CUBE opened at $42.03 on Friday. The firm’s fifty day moving average is $41.88 and its two-hundred day moving average is $45.78. The firm has a market cap of $9.58 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data 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 business had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.95%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Barclays decreased their price objective on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Royal Bank of Canada lowered their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Finally, Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and cut their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $48.00.

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.