Allstate Corp Purchases 4,743 Shares of CubeSmart (NYSE:CUBE)

Allstate Corp lifted its position in shares of CubeSmart (NYSE:CUBE) by 58.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,841 shares of the real estate investment trust’s stock after purchasing an additional 4,743 shares during the period. Allstate Corp’s holdings in CubeSmart were worth $550,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CUBE. Versant Capital Management Inc boosted its holdings in CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 673 shares during the period. Blue Trust Inc. raised its position in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 289 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 389 shares during the period. SRS Capital Advisors Inc. grew its position in CubeSmart by 310.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 559 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 351 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CUBE has been the topic of several analyst reports. Barclays reduced their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Wells Fargo & Company reduced their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Finally, Royal Bank of Canada lowered their price objective 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. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CubeSmart has an average rating of “Hold” and a consensus target price of $48.00.

CubeSmart Stock Down 1.6 %

Shares of NYSE:CUBE opened at $42.02 on Wednesday. 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 has a 52-week low of $39.80 and a 52-week high of $55.14. The company has a market capitalization of $9.57 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. The company has a fifty day moving average of $41.92 and a 200-day moving average of $45.56.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) 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 business had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. On average, equities analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.95%. The ex-dividend date is Tuesday, April 1st. 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.