Fmr LLC Trims Position in CubeSmart (NYSE:CUBE)

FMR LLC trimmed its holdings in CubeSmart (NYSE:CUBE - Free Report) by 18.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,437,536 shares of the real estate investment trust's stock after selling 3,050,403 shares during the period. FMR LLC owned approximately 5.94% of CubeSmart worth $575,798,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new stake in shares of CubeSmart during the 4th quarter valued at $408,064,000. Raymond James Financial Inc. bought a new stake in shares of CubeSmart during the fourth quarter valued at about $21,278,000. Oak Thistle LLC lifted its holdings in shares of CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock worth $1,383,000 after buying an additional 22,582 shares in the last quarter. JPMorgan Chase & Co. grew its stake in CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after acquiring an additional 352,754 shares in the last quarter. Finally, Entropy Technologies LP bought a new stake in CubeSmart during the 4th quarter worth approximately $445,000. Institutional investors own 97.61% of the company's stock.

CubeSmart Trading Up 1.6 %

CUBE stock traded up $0.62 during trading on Monday, hitting $38.32. 224,578 shares of the company traded hands, compared to its average volume of 1,431,256. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The company has a 50-day moving average of $41.25 and a 200-day moving average of $44.52. The firm has a market capitalization of $8.77 billion, a PE ratio of 21.65, a P/E/G ratio of 11.58 and a beta of 0.85. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14.

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

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.43%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is 120.93%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a "sell" rating to a "hold" rating and reduced their price target for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Barclays reduced their target price on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and lowered their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Mizuho assumed coverage on CubeSmart in a report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price objective for the company. Finally, KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $47.31.

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.