Duff & Phelps Investment Management Co. decreased its stake in CubeSmart (NYSE:CUBE - Free Report) by 0.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,182,425 shares of the real estate investment trust's stock after selling 18,704 shares during the period. Duff & Phelps Investment Management Co. owned approximately 0.97% of CubeSmart worth $93,517,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after purchasing an additional 85,609 shares during the period. Norges Bank purchased a new stake in CubeSmart during the fourth quarter valued at about $408,064,000. Geode Capital Management LLC grew its position in CubeSmart by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust's stock worth $247,295,000 after purchasing an additional 50,340 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after acquiring an additional 352,754 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its holdings in shares of CubeSmart by 6.0% during the 4th 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. Hedge funds and other institutional investors own 97.61% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on CUBE shares. Scotiabank cut shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and lowered their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Barclays lowered 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. Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and cut their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Finally, KeyCorp raised 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. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $48.00.
Read Our Latest Analysis on CUBE
CubeSmart Trading Down 0.5 %
Shares of CUBE stock traded down $0.22 during trading hours on Tuesday, hitting $41.98. 1,427,257 shares of the company were exchanged, compared to its average volume of 1,391,176. 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 firm has a market cap of $9.57 billion, a P/E ratio of 23.80, a P/E/G ratio of 11.58 and a beta of 0.88. The company has a 50 day simple moving average of $41.91 and a two-hundred day simple moving average of $45.65. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating 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 the consensus estimate of $267.54 million. Equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Announces Dividend
The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.96%. CubeSmart's payout ratio is 120.93%.
CubeSmart Company 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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