CubeSmart $CUBE Shares Bought by Hudson Bay Capital Management LP

Hudson Bay Capital Management LP grew its position in CubeSmart (NYSE:CUBE) by 44.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 923,539 shares of the real estate investment trust’s stock after acquiring an additional 282,308 shares during the period. Hudson Bay Capital Management LP owned about 0.40% of CubeSmart worth $37,551,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Diamond Hill Capital Management Inc. increased its position in shares of CubeSmart by 4.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,813,777 shares of the real estate investment trust’s stock valued at $73,748,000 after buying an additional 75,855 shares in the last quarter. Capital Fund Management S.A. purchased a new position in shares of CubeSmart during the 2nd quarter valued at approximately $1,583,000. Retirement Systems of Alabama lifted its position in shares of CubeSmart by 5.4% during the 3rd quarter. Retirement Systems of Alabama now owns 639,109 shares of the real estate investment trust’s stock valued at $25,986,000 after buying an additional 32,697 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in CubeSmart by 817.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 98,298 shares of the real estate investment trust’s stock valued at $3,936,000 after acquiring an additional 87,589 shares during the period. Finally, Pacific Heights Asset Management LLC purchased a new stake in CubeSmart in the 3rd quarter worth $12,198,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jeffrey P. Foster sold 23,148 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $41.02, for a total transaction of $949,530.96. Following the transaction, the insider directly owned 205,057 shares in the company, valued at $8,411,438.14. The trade was a 10.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CUBE shares. Royal Bank Of Canada lifted their target price on shares of CubeSmart from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. Scotiabank upped their price target on shares of CubeSmart from $39.00 to $42.00 and gave the stock a “sector perform” rating in a research report on Friday, March 13th. Barclays raised their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 5th. Truist Financial cut their price objective on CubeSmart from $48.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, December 16th. Finally, Deutsche Bank Aktiengesellschaft cut CubeSmart from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a report on Tuesday, January 20th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $43.64.

CubeSmart Price Performance

CubeSmart stock opened at $38.39 on Thursday. The company has a fifty day simple moving average of $38.92 and a 200-day simple moving average of $38.65. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of 26.48 and a beta of 1.10. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.24. CubeSmart has a 52-week low of $34.24 and a 52-week high of $44.13.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Wednesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is 146.21%.

About CubeSmart

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.