CubeSmart (NYSE:CUBE) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. decreased its position in CubeSmart (NYSE:CUBE - Free Report) by 13.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,114,593 shares of the real estate investment trust's stock after selling 324,666 shares during the quarter. Diamond Hill Capital Management Inc. owned about 0.94% of CubeSmart worth $90,610,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in CubeSmart by 326.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust's stock valued at $90,229,000 after buying an additional 1,282,995 shares during the period. Raymond James Financial Inc. purchased a new position in CubeSmart in the fourth quarter valued at approximately $21,278,000. SG Americas Securities LLC grew its position in CubeSmart by 10,685.4% in the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust's stock valued at $20,936,000 after acquiring an additional 484,049 shares in the last quarter. Presima Securities ULC grew its position in CubeSmart by 4,092.4% in the fourth quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust's stock valued at $19,042,000 after acquiring an additional 433,790 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its position in CubeSmart by 6.0% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust's stock valued at $144,320,000 after acquiring an additional 191,862 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

CubeSmart Stock Performance

CUBE stock traded up $0.18 during mid-day trading on Tuesday, reaching $42.28. The company had a trading volume of 1,125,848 shares, compared to its average volume of 1,333,066. 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 stock has a market capitalization of $9.63 billion, a P/E ratio of 23.88, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a one year low of $39.80 and a one year high of $55.14. The stock's 50-day simple moving average is $41.74 and its two-hundred day simple moving average is $46.38.

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

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart's dividend payout ratio is currently 120.93%.

Analyst Ratings Changes

Several analysts have issued reports on CUBE shares. Wells Fargo & Company lowered their price objective on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Jefferies Financial Group downgraded shares of CubeSmart from a "buy" rating to a "hold" rating and decreased their price target for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Finally, Barclays decreased their price target on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $48.00.

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.