CubeSmart (NYSE:CUBE) Stake Cut by Mutual Advisors LLC

Mutual Advisors LLC cut its stake in CubeSmart (NYSE:CUBE) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,640 shares of the real estate investment trust’s stock after selling 249 shares during the period. Mutual Advisors LLC’s holdings in CubeSmart were worth $276,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CUBE. Allspring Global Investments Holdings LLC lifted its holdings in shares of CubeSmart by 14.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after acquiring an additional 624,661 shares during the period. Geode Capital Management LLC increased its holdings in CubeSmart by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after buying an additional 50,340 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in CubeSmart by 4.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after acquiring an additional 135,211 shares during the last quarter. Duff & Phelps Investment Management Co. increased its holdings in CubeSmart by 2.0% in the third quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock worth $118,487,000 after purchasing an additional 42,994 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of CubeSmart by 326.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock worth $90,229,000 after purchasing an additional 1,282,995 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBE has been the subject of several analyst reports. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and cut their price objective for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Wells Fargo & Company lifted their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Royal Bank of Canada lowered their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and lowered their price target for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Barclays dropped their price objective on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $49.73.

CubeSmart Stock Performance

NYSE:CUBE opened at $41.94 on Wednesday. The firm’s fifty day simple moving average is $44.34 and its 200-day simple moving average is $48.00. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market cap of $9.48 billion, a PE ratio of 23.69, a price-to-earnings-growth ratio of 11.20 and a beta of 0.87. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. During the same quarter last year, the company posted $0.68 earnings per share. CubeSmart’s revenue for the quarter was up 1.1% on a year-over-year basis. Analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.96%. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s dividend payout ratio is 117.51%.

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.