Vanguard Group Inc. Cuts Stake in CubeSmart (NYSE:CUBE)

Vanguard Group Inc. lessened its position in CubeSmart (NYSE:CUBE) by 0.4% in the 4th quarter, Holdings Channel reports. The fund owned 31,643,151 shares of the real estate investment trust’s stock after selling 128,543 shares during the period. Vanguard Group Inc. owned 0.14% of CubeSmart worth $1,466,660,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC acquired a new position in CubeSmart during the 4th quarter worth approximately $28,000. Signaturefd LLC grew its holdings in CubeSmart by 72.5% during the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 292 shares during the period. Ceredex Value Advisors LLC purchased a new position in CubeSmart in the fourth quarter worth $37,000. HHM Wealth Advisors LLC lifted its holdings in CubeSmart by 53.1% in the fourth quarter. HHM Wealth Advisors LLC now owns 1,035 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 359 shares during the period. Finally, Covestor Ltd boosted its position in shares of CubeSmart by 65.8% during the 3rd quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 573 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $45.02 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The company has a market cap of $10.13 billion, a PE ratio of 25.01, a price-to-earnings-growth ratio of 5.47 and a beta of 0.77. The company has a 50-day simple moving average of $42.55 and a 200-day simple moving average of $43.78. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81.

CubeSmart (NYSE:CUBE) last released its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The firm had revenue of $261.41 million during the quarter, compared to analysts’ expectations of $253.91 million. During the same period in the previous year, the firm posted $0.65 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be given a dividend of $0.51 per share. The ex-dividend date is Monday, July 1st. This represents a $2.04 annualized dividend and a yield of 4.53%. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of research analyst reports. Raymond James reaffirmed an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Wells Fargo & Company raised their price objective on CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, April 5th. Evercore ISI boosted their target price on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, March 4th. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Finally, Barclays began coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.00.

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.