Nordea Investment Management AB Increases Position in CubeSmart $CUBE

Nordea Investment Management AB increased its stake in shares of CubeSmart (NYSE:CUBE) by 3.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 445,678 shares of the real estate investment trust’s stock after buying an additional 15,961 shares during the period. Nordea Investment Management AB owned about 0.20% of CubeSmart worth $18,032,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. Sumitomo Mitsui Trust Group Inc. increased its holdings in CubeSmart by 43.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,100,292 shares of the real estate investment trust’s stock valued at $44,738,000 after buying an additional 335,694 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of CubeSmart by 4.9% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 50,257 shares of the real estate investment trust’s stock worth $2,043,000 after acquiring an additional 2,337 shares during the period. Lecap Asset Management Ltd. increased its stake in CubeSmart by 30.9% in the 3rd quarter. Lecap Asset Management Ltd. now owns 11,882 shares of the real estate investment trust’s stock valued at $483,000 after purchasing an additional 2,802 shares in the last quarter. Greenleaf Trust acquired a new position in CubeSmart during the third quarter worth $201,000. Finally, Gries Financial LLC acquired a new position in CubeSmart during the third quarter worth $1,260,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

Shares of CUBE opened at $39.18 on Friday. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 25.11, a PEG ratio of 8.43 and a beta of 1.11. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.47 and a current ratio of 0.47. CubeSmart has a 1 year low of $34.24 and a 1 year high of $44.13. The company’s 50 day simple moving average is $36.54 and its 200 day simple moving average is $39.23.

CubeSmart (NYSE:CUBE) last released its earnings results on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, hitting the consensus estimate of $0.65. The firm had revenue of $285.08 million for the quarter, compared to the consensus estimate of $282.57 million. CubeSmart had a return on equity of 12.49% and a net margin of 33.31%.The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.67 earnings per share. On average, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 16th. Investors of record on Friday, January 2nd will be issued a $0.53 dividend. The ex-dividend date is Friday, January 2nd. This is an increase from CubeSmart’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a yield of 5.4%. CubeSmart’s payout ratio is 135.90%.

Analysts Set New Price Targets

CUBE has been the topic of several research reports. Evercore ISI lowered their target price on CubeSmart from $49.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Royal Bank Of Canada reissued an “outperform” rating on shares of CubeSmart in a research note on Monday, December 8th. KeyCorp restated a “sector weight” rating on shares of CubeSmart in a report on Monday, November 10th. Barclays cut their target price on shares of CubeSmart from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of CubeSmart in a report on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $44.73.

CubeSmart Company Profile

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.