CubeSmart (NYSE:CUBE) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp lifted its stake in CubeSmart (NYSE:CUBE) by 625.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,437 shares of the real estate investment trust’s stock after acquiring an additional 37,452 shares during the period. Mackenzie Financial Corp’s holdings in CubeSmart were worth $2,013,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Ceredex Value Advisors LLC acquired a new stake in CubeSmart during the fourth quarter valued at approximately $37,000. Covestor Ltd lifted its stake in CubeSmart by 65.8% during the third quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 573 shares during the last quarter. Private Trust Co. NA lifted its stake in CubeSmart by 182.9% during the fourth quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 898 shares during the last quarter. ZRC Wealth Management LLC acquired a new stake in CubeSmart during the fourth quarter valued at approximately $104,000. Finally, Whitaker Myers Wealth Managers LTD. acquired a new stake in CubeSmart during the fourth quarter valued at approximately $205,000. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CUBE shares. Evercore ISI upped their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, March 4th. Barclays started coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price target for the company. Truist Financial upped their price target on shares of CubeSmart from $43.00 to $46.00 and gave the company a “hold” rating in a research report on Thursday, December 28th. Wells Fargo & Company upped their price target on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, April 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of CubeSmart in a research report on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $46.33.

CubeSmart Stock Down 0.9 %

CubeSmart stock opened at $41.80 on Wednesday. The firm has a market cap of $9.40 billion, a PE ratio of 23.09 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The firm’s 50 day moving average price is $43.83 and its two-hundred day moving average price is $42.27. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 4.88%. CubeSmart’s dividend payout ratio (DPR) is 112.71%.

CubeSmart 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.