Cornercap Investment Counsel Inc. Boosts Stake in CubeSmart (NYSE:CUBE)

Cornercap Investment Counsel Inc. grew its stake in shares of CubeSmart (NYSE:CUBE) by 10.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,980 shares of the real estate investment trust’s stock after buying an additional 1,360 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in CubeSmart were worth $648,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CUBE. Ceredex Value Advisors LLC bought a new position in shares of CubeSmart during the 4th quarter valued at $37,000. Quarry LP bought a new stake in CubeSmart in the 2nd quarter worth $37,000. Sunbelt Securities Inc. bought a new stake in CubeSmart in the 1st quarter worth $46,000. Private Trust Co. NA grew its holdings in CubeSmart by 182.9% in the 4th quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock worth $64,000 after acquiring an additional 898 shares during the last quarter. Finally, Covestor Ltd grew its holdings in CubeSmart by 65.8% in the 3rd quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 573 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CUBE. Barclays began coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price target on the stock. Jefferies Financial Group raised shares of CubeSmart from a “hold” rating to a “buy” rating and raised their price target for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. Raymond James reissued an “outperform” rating and issued a $48.00 price target on shares of CubeSmart in a report on Thursday, March 28th. Wells Fargo & Company raised their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, April 5th. Finally, Truist Financial raised their price target on shares of CubeSmart from $43.00 to $46.00 and gave the stock a “hold” rating in a report on Thursday, December 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, CubeSmart currently has an average rating of “Hold” and an average target price of $46.33.

CubeSmart Trading Down 1.0 %

Shares of CUBE opened at $42.21 on Wednesday. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. The firm has a market capitalization of $9.50 billion, a price-to-earnings ratio of 23.32 and a beta of 0.69. The firm’s 50-day moving average price is $44.00 and its 200-day moving average price is $42.10. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.51 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a yield of 4.83%. CubeSmart’s dividend payout ratio (DPR) is currently 112.71%.

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.