CubeSmart $CUBE Shares Acquired by Hudson Bay Capital Management LP

Hudson Bay Capital Management LP lifted its stake in shares of CubeSmart (NYSE:CUBE) by 44.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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’s holdings in CubeSmart were worth $37,551,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CUBE. Tudor Investment Corp ET AL purchased a new stake in shares of CubeSmart in the 3rd quarter valued at approximately $8,171,000. Swiss Life Asset Management Ltd increased its holdings in shares of CubeSmart by 79.7% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 10,589 shares of the real estate investment trust’s stock worth $431,000 after buying an additional 4,696 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in shares of CubeSmart by 105.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,296 shares of the real estate investment trust’s stock valued at $93,000 after buying an additional 1,181 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of CubeSmart during the 3rd quarter valued at approximately $2,437,000. Finally, Coldstream Capital Management Inc. lifted its holdings in CubeSmart by 1.0% in the third quarter. Coldstream Capital Management Inc. now owns 55,288 shares of the real estate investment trust’s stock valued at $2,248,000 after acquiring an additional 572 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CUBE. Mizuho lowered their price objective on CubeSmart from $43.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, December 5th. Truist Financial reduced their target price on CubeSmart from $48.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, December 16th. UBS Group lowered their price target on CubeSmart from $38.00 to $37.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Wolfe Research downgraded CubeSmart from an “outperform” rating to a “peer perform” rating in a research report on Monday, January 26th. Finally, BNP Paribas Exane upgraded shares of CubeSmart from a “neutral” rating to an “outperform” rating and set a $43.00 price objective on the stock in a report on Wednesday. Six equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, CubeSmart currently has an average rating of “Hold” and a consensus target price of $43.64.

CubeSmart Stock Down 1.8%

CubeSmart stock opened at $38.39 on Thursday. The company has a market capitalization of $8.72 billion, a PE ratio of 26.48 and a beta of 1.10. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $44.13. The firm has a 50 day moving average price of $38.92 and a 200 day moving average price of $38.65.

CubeSmart Announces Dividend

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

Insider Activity

In related news, insider Jeffrey P. Foster sold 23,148 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $41.02, for a total value of $949,530.96. Following the sale, the insider owned 205,057 shares in the company, valued at approximately $8,411,438.14. The trade was a 10.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.69% of the company’s stock.

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.