CubeSmart (NYSE:CUBE) Stake Lowered by Sterling Capital Management LLC

Sterling Capital Management LLC decreased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 22.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,690,982 shares of the real estate investment trust's stock after selling 496,254 shares during the quarter. CubeSmart comprises 1.0% of Sterling Capital Management LLC's investment portfolio, making the stock its 26th largest holding. Sterling Capital Management LLC owned 0.75% of CubeSmart worth $72,459,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. HighTower Advisors LLC lifted its holdings in shares of CubeSmart by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust's stock valued at $1,758,000 after buying an additional 243 shares during the period. Captrust Financial Advisors boosted its stake in shares of CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust's stock worth $309,000 after acquiring an additional 248 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of CubeSmart by 74.9% in the 4th 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. Thrivent Financial for Lutherans increased its stake in CubeSmart by 0.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock valued at $2,280,000 after purchasing an additional 306 shares in the last quarter. Finally, Magnetar Financial LLC raised its holdings in CubeSmart by 2.3% during the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock worth $606,000 after purchasing an additional 320 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

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Wall Street Analysts Forecast Growth

CUBE has been the subject of several research reports. Royal Bank of Canada cut their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Mizuho initiated coverage on CubeSmart in a report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 target price on the stock. Scotiabank cut 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 report on Wednesday, March 5th. Barclays dropped their price objective 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. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $47.31.

CubeSmart Trading Up 0.6 %

Shares of CubeSmart stock traded up $0.23 during trading hours on Tuesday, hitting $38.54. The company's stock had a trading volume of 1,424,476 shares, compared to its average volume of 1,439,487. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The company has a market capitalization of $8.82 billion, a PE ratio of 21.77, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $41.17 and a 200 day moving average of $44.42.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly 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. The firm had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, equities analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

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 given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date is Tuesday, April 1st. CubeSmart's payout ratio is currently 120.93%.

About CubeSmart

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.