Franklin Resources Inc. Increases Position in CubeSmart (NYSE:CUBE)

Franklin Resources Inc. lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 13.1% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 319,316 shares of the real estate investment trust's stock after buying an additional 36,919 shares during the period. Franklin Resources Inc. owned about 0.14% of CubeSmart worth $15,950,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CUBE. Quarry LP increased its position in CubeSmart by 19.8% during the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust's stock valued at $74,000 after purchasing an additional 227 shares during the period. CIBC Asset Management Inc boosted its stake in shares of CubeSmart by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust's stock valued at $358,000 after purchasing an additional 233 shares during the last quarter. HighTower Advisors LLC raised its stake in CubeSmart by 0.8% during the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust's stock worth $1,758,000 after buying an additional 243 shares during the last quarter. Mirador Capital Partners LP lifted its holdings in CubeSmart by 1.6% in the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust's stock valued at $855,000 after buying an additional 248 shares during the period. Finally, Captrust Financial Advisors boosted its position in CubeSmart by 4.5% during the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust's stock valued at $309,000 after acquiring an additional 248 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CUBE has been the topic of a number of recent analyst reports. Scotiabank dropped their price objective on CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating on the stock in a research note on Monday, November 25th. UBS Group cut shares of CubeSmart from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Jefferies Financial Group increased their price target on CubeSmart from $53.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Royal Bank of Canada reduced their price objective on shares of CubeSmart from $56.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, November 4th. Finally, Barclays lowered their price target on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a research report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $51.36.

CubeSmart Stock Performance

NYSE CUBE opened at $42.66 on Friday. The company's 50 day moving average is $48.17 and its 200-day moving average is $48.43. The firm has a market cap of $9.65 billion, a P/E ratio of 24.10, a price-to-earnings-growth ratio of 13.00 and a beta of 0.84. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $270.90 million for the quarter, compared to analysts' expectations of $267.49 million. During the same quarter in the prior year, the company earned $0.68 EPS. The company's revenue was up 1.1% on a year-over-year basis. Sell-side analysts predict that CubeSmart will post 2.63 earnings per share for the current year.

CubeSmart Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be paid a dividend of $0.52 per share. This is a boost from CubeSmart's previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date is Thursday, January 2nd. CubeSmart's dividend payout ratio (DPR) is 117.51%.

CubeSmart 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.