Barrow Hanley Mewhinney & Strauss LLC Sells 61,602 Shares of CubeSmart (NYSE:CUBE)

Barrow Hanley Mewhinney & Strauss LLC reduced its stake in CubeSmart (NYSE:CUBE - Free Report) by 2.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,574,729 shares of the real estate investment trust's stock after selling 61,602 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned about 1.14% of CubeSmart worth $110,327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in CUBE. Vanguard Group Inc. boosted its position in CubeSmart by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after buying an additional 85,609 shares during the period. Norges Bank purchased a new stake in CubeSmart in the fourth quarter worth $408,064,000. Geode Capital Management LLC boosted its holdings in CubeSmart by 1.1% in the third 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 acquiring an additional 50,340 shares in the last quarter. JPMorgan Chase & Co. increased its position in CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after purchasing an additional 352,754 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings in CubeSmart by 6.0% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust's stock worth $144,320,000 after purchasing an additional 191,862 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

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Analyst Ratings Changes

CUBE has been the topic of a number of research reports. Royal Bank of Canada cut their target price 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. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and reduced their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Scotiabank cut CubeSmart from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Finally, Jefferies Financial Group lowered CubeSmart from a "buy" rating to a "hold" rating and lowered their price objective for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $48.00.

CubeSmart Stock Down 0.9 %

NYSE CUBE traded down $0.39 during mid-day trading on Thursday, reaching $41.60. The stock had a trading volume of 544,042 shares, compared to its average volume of 1,698,727. The company has a fifty day moving average price of $41.95 and a 200 day moving average price of $45.54. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The stock has a market cap of $9.48 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88.

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

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is presently 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.