Cbre Investment Management Listed Real Assets LLC Cuts Stake in CubeSmart (NYSE:CUBE)

Cbre Investment Management Listed Real Assets LLC lessened its holdings in CubeSmart (NYSE:CUBE - Free Report) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,047,674 shares of the real estate investment trust's stock after selling 126,581 shares during the quarter. CubeSmart accounts for approximately 2.6% of Cbre Investment Management Listed Real Assets LLC's investment portfolio, making the stock its 11th biggest position. Cbre Investment Management Listed Real Assets LLC owned about 1.36% of CubeSmart worth $141,260,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in CubeSmart in the 4th quarter valued at $444,818,000. Invesco Ltd. lifted its position in CubeSmart by 4.7% during the third quarter. Invesco Ltd. now owns 4,722,108 shares of the real estate investment trust's stock worth $180,054,000 after purchasing an additional 210,338 shares during the period. Truist Financial Corp grew its stake in CubeSmart by 14.5% during the fourth quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust's stock worth $162,975,000 after buying an additional 445,228 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in CubeSmart by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,230,215 shares of the real estate investment trust's stock valued at $149,726,000 after buying an additional 22,105 shares during the period. Finally, Deutsche Bank AG increased its holdings in CubeSmart by 1,915.7% in the 3rd quarter. Deutsche Bank AG now owns 3,058,193 shares of the real estate investment trust's stock valued at $116,609,000 after buying an additional 2,906,478 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Raymond James reiterated an "outperform" rating and set a $48.00 price target on shares of CubeSmart in a research report on Thursday, March 28th. Barclays assumed coverage on CubeSmart in a research report on Wednesday, March 27th. They set an "equal weight" rating and a $48.00 price objective for the company. Wells Fargo & Company lifted their target price on CubeSmart from $42.00 to $46.00 and gave the company an "equal weight" rating in a research report on Friday, April 5th. Evercore ISI raised their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an "in-line" rating in a research note on Monday, March 4th. Finally, BMO Capital Markets lowered shares of CubeSmart from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $50.00 to $47.00 in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $46.17.

CubeSmart Trading Up 2.4 %

CUBE traded up $1.00 during trading on Friday, hitting $42.31. The company's stock had a trading volume of 1,496,940 shares, compared to its average volume of 1,242,033. The stock's fifty day moving average price is $42.88 and its 200-day moving average price is $43.38. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81. The firm has a market capitalization of $9.52 billion, a P/E ratio of 23.51, a PEG ratio of 5.03 and a beta of 0.72. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.22). The firm had revenue of $261.41 million for the quarter, compared to the consensus estimate of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 earnings per share. Analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date of this dividend is Friday, June 28th. CubeSmart's payout ratio is currently 113.33%.

CubeSmart Company 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.