Inceptionr LLC lessened its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 71.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,245 shares of the real estate investment trust's stock after selling 18,102 shares during the quarter. Inceptionr LLC's holdings in CubeSmart were worth $310,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. Raymond James Financial Inc. bought a new position in CubeSmart in the 4th quarter worth $21,278,000. Cullen Frost Bankers Inc. boosted its position in shares of CubeSmart by 4.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 106,022 shares of the real estate investment trust's stock valued at $4,543,000 after purchasing an additional 4,514 shares in the last quarter. Arizona State Retirement System grew its stake in CubeSmart by 0.9% in the fourth quarter. Arizona State Retirement System now owns 65,357 shares of the real estate investment trust's stock worth $2,801,000 after purchasing an additional 577 shares during the period. Proficio Capital Partners LLC purchased a new stake in CubeSmart in the fourth quarter worth $619,000. Finally, Cbre Investment Management Listed Real Assets LLC raised its holdings 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 worth $144,320,000 after purchasing an additional 191,862 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.
CubeSmart Stock Performance
NYSE:CUBE traded down $0.83 during mid-day trading on Thursday, reaching $40.75. The company's stock had a trading volume of 2,267,565 shares, compared to its average volume of 1,343,985. The firm's fifty day moving average price is $41.75 and its two-hundred day moving average price is $46.62. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market cap of $9.29 billion, a P/E ratio of 23.02, a PEG ratio of 11.58 and a beta of 0.88. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14.
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 company had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. On average, equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 yield of 5.10%. The ex-dividend date is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is presently 120.93%.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a "sell" rating to a "hold" rating and reduced their target price for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and cut their price objective for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Barclays lowered their target price on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a report on Wednesday. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Finally, 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 note on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $48.00.
Check Out Our Latest Stock Analysis on CubeSmart
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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