CubeSmart (NYSE:CUBE) Shares Sold by Atria Investments Inc

Atria Investments Inc lessened its position in CubeSmart (NYSE:CUBE) by 14.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 9,211 shares of the real estate investment trust’s stock after selling 1,580 shares during the period. Atria Investments Inc’s holdings in CubeSmart were worth $395,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CUBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of CubeSmart by 326.3% in the third 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 valued at $90,229,000 after buying an additional 1,282,995 shares during the last quarter. SG Americas Securities LLC raised its position in shares of CubeSmart by 10,685.4% in the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock valued at $20,936,000 after buying an additional 484,049 shares during the last quarter. Presima Securities ULC increased its position in CubeSmart by 4,092.4% during the fourth quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock worth $19,042,000 after purchasing an additional 433,790 shares during the last quarter. Victory Capital Management Inc. increased its position in CubeSmart by 46.6% during the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock worth $29,406,000 after purchasing an additional 173,683 shares during the last quarter. Finally, Lightrock Netherlands B.V. purchased a new position in CubeSmart during the fourth quarter worth approximately $6,003,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Royal Bank of Canada cut their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and cut their price target for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Barclays cut their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Finally, Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and cut their price target for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.00.

CubeSmart Price Performance

CubeSmart stock opened at $41.72 on Monday. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The firm has a fifty day moving average of $41.73 and a 200-day moving average of $46.44. The firm has a market capitalization of $9.51 billion, a P/E ratio of 23.57, a PEG ratio of 11.58 and a beta of 0.88. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

CubeSmart Company 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.