Capital Research Global Investors reduced its stake in CubeSmart (NYSE:CUBE - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,851,247 shares of the real estate investment trust's stock after selling 361,932 shares during the quarter. Capital Research Global Investors owned about 0.82% of CubeSmart worth $79,326,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. grew 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 valued at $29,000 after buying an additional 289 shares during the period. Jones Financial Companies Lllp grew its stake in shares of CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 389 shares during the period. Versant Capital Management Inc increased its holdings in CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 673 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 559 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 351 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on CUBE. Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Scotiabank lowered 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 research note on Wednesday, March 5th. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and cut their target price for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Finally, Royal Bank of Canada decreased their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $47.31.
Check Out Our Latest Report on CUBE
CubeSmart Trading Down 0.4 %
Shares of CubeSmart stock traded down $0.16 on Friday, reaching $39.79. The company had a trading volume of 1,248,767 shares, compared to its average volume of 1,438,365. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 22.48, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The firm's 50-day moving average price is $40.68 and its two-hundred day moving average price is $43.74. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 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 company had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. As a group, research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.
CubeSmart Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 5.23%. CubeSmart's payout ratio is 120.93%.
CubeSmart Profile
(
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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