JPMorgan Chase & Co. Grows Stock Holdings in CubeSmart $CUBE

JPMorgan Chase & Co. raised its stake in shares of CubeSmart (NYSE:CUBE) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,340,869 shares of the real estate investment trust’s stock after acquiring an additional 91,694 shares during the period. JPMorgan Chase & Co.’s holdings in CubeSmart were worth $217,162,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. True Wealth Design LLC increased its holdings in shares of CubeSmart by 308.2% in the second quarter. True Wealth Design LLC now owns 694 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 524 shares during the period. Private Trust Co. NA grew its position in CubeSmart by 209.6% in the 3rd quarter. Private Trust Co. NA now owns 706 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 478 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in CubeSmart by 174.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 568 shares during the period. SJS Investment Consulting Inc. acquired a new position in CubeSmart in the 3rd quarter valued at $42,000. Finally, Hantz Financial Services Inc. raised its position in CubeSmart by 1,776.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,651 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 1,563 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of CubeSmart from $44.00 to $40.00 and set an “equal weight” rating on the stock in a report on Thursday, February 5th. Wall Street Zen raised CubeSmart from a “sell” rating to a “hold” rating in a report on Saturday. Wolfe Research downgraded CubeSmart from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 26th. Truist Financial reduced their price target on CubeSmart from $48.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, December 16th. Finally, Barclays dropped their price objective on CubeSmart from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 13th. Five investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, CubeSmart currently has an average rating of “Hold” and a consensus price target of $44.13.

CubeSmart Price Performance

CUBE stock opened at $40.31 on Friday. The firm has a 50 day moving average of $37.51 and a 200-day moving average of $38.65. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 11.85 and a beta of 1.12. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.22. CubeSmart has a 12-month low of $34.24 and a 12-month high of $44.13.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, January 2nd were given a dividend of $0.53 per share. The ex-dividend date was Friday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a yield of 5.3%. CubeSmart’s dividend payout ratio (DPR) is presently 135.90%.

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.