Mitsubishi UFJ Asset Management Co. Ltd. Purchases 4,076 Shares of CubeSmart (NYSE:CUBE)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in CubeSmart (NYSE:CUBE) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 149,679 shares of the real estate investment trust’s stock after purchasing an additional 4,076 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of CubeSmart worth $6,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in CubeSmart by 0.3% during the 4th 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 acquiring an additional 85,609 shares during the period. Geode Capital Management LLC boosted its stake in shares of CubeSmart by 1.1% during the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after purchasing an additional 50,340 shares during the period. Cbre Investment Management Listed Real Assets LLC grew its holdings in shares of CubeSmart by 6.0% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after purchasing an additional 191,862 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in CubeSmart by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust’s stock worth $133,894,000 after buying an additional 91,822 shares during the period. Finally, Duff & Phelps Investment Management Co. lifted its holdings in CubeSmart by 2.0% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock valued at $118,487,000 after buying an additional 42,994 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CUBE shares. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their target price for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Barclays decreased their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Wells Fargo & Company dropped their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and decreased their price objective for the company from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Scotiabank cut shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $48.00.

CubeSmart Price Performance

Shares of CUBE opened at $42.75 on Tuesday. The company has a 50 day moving average of $41.91 and a two-hundred day moving average of $45.65. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The company has a market cap of $9.74 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. As a group, analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.87%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s payout ratio is currently 120.93%.

About CubeSmart

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.