Edgestream Partners L.P. lowered its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 49.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 75,329 shares of the real estate investment trust's stock after selling 74,484 shares during the period. Edgestream Partners L.P.'s holdings in CubeSmart were worth $3,228,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CUBE. Peterson Financial Group Inc. bought a new position in shares of CubeSmart during the third quarter valued at about $33,000. Blue Trust Inc. raised its stake in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 289 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after buying an additional 389 shares during the last quarter. Versant Capital Management Inc grew its position in CubeSmart by 9,614.3% during 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 during the period. Finally, SRS Capital Advisors Inc. boosted its stake in 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 acquiring an additional 559 shares during the last quarter. 97.61% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several brokerages have weighed in on CUBE. Royal Bank of Canada reduced their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Wells Fargo & Company lowered their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and dropped their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and decreased their target price for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $48.00.
View Our Latest Stock Report on CUBE
CubeSmart Trading Down 1.2 %
Shares of CubeSmart stock traded down $0.52 during trading on Wednesday, reaching $41.59. The company's stock had a trading volume of 1,556,716 shares, compared to its average volume of 1,338,877. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 23.49, a PEG ratio of 11.58 and a beta of 0.88. The firm's 50-day moving average is $41.78 and its two-hundred day moving average is $46.66. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. 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 - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $267.54 million. On average, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 5.00%. CubeSmart's payout ratio is currently 120.93%.
About CubeSmart
(
Free Report)
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.
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