Corebridge Financial Inc. Cuts Stock Position in CubeSmart (NYSE:CUBE)

Corebridge Financial Inc. decreased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 3.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 255,881 shares of the real estate investment trust's stock after selling 10,416 shares during the quarter. Corebridge Financial Inc. owned 0.11% of CubeSmart worth $10,965,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Versant Capital Management Inc increased its position in shares of CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 673 shares in the last quarter. Blue Trust Inc. raised its position in CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 289 shares during the period. Jones Financial Companies Lllp raised its position in CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 389 shares during the period. SRS Capital Advisors Inc. grew its position in shares of CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares during the period. Finally, UMB Bank n.a. increased its stake in shares of CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after purchasing an additional 351 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

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CubeSmart Trading Up 1.6 %

CUBE stock traded up $0.69 during trading on Monday, reaching $42.75. 2,484,950 shares of the stock were exchanged, compared to its average volume of 1,390,469. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $9.74 billion, a price-to-earnings ratio of 24.15, a P/E/G ratio of 11.58 and a beta of 0.88. The business has a 50 day moving average price of $41.91 and a 200-day moving average price of $45.65. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.23. The firm had revenue of $231.41 million for the quarter, compared to analysts' expectations of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. On average, research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is 120.93%.

Analyst Ratings Changes

Several research firms recently issued reports on CUBE. Wells Fargo & Company lowered their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Jefferies Financial Group lowered CubeSmart from a "buy" rating to a "hold" rating and lowered their price target for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and dropped their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Scotiabank lowered CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, Barclays dropped their target price on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $48.00.

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.