CubeSmart (NYSE:CUBE) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 0.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 31,643,151 shares of the real estate investment trust's stock after selling 128,543 shares during the period. Vanguard Group Inc. owned approximately 14.07% of CubeSmart worth $1,466,660,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in CubeSmart during the 4th quarter worth $444,818,000. Deutsche Bank AG increased its stake in shares of CubeSmart by 1,915.7% during the third 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. Centersquare Investment Management LLC raised its holdings in shares of CubeSmart by 824.1% in the fourth quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust's stock valued at $52,282,000 after acquiring an additional 1,005,922 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in CubeSmart by 52.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,806,196 shares of the real estate investment trust's stock worth $130,067,000 after acquiring an additional 965,006 shares during the period. Finally, Schroder Investment Management Group bought a new position in CubeSmart during the 3rd quarter worth about $33,972,000. 97.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CUBE shares. BMO Capital Markets lowered shares of CubeSmart from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Barclays began coverage on CubeSmart in a research report on Wednesday, March 27th. They set an "equal weight" rating and a $48.00 target price on the stock. Evercore ISI boosted their price target on CubeSmart from $43.00 to $45.00 and gave the stock an "in-line" rating in a research report on Monday, March 4th. Raymond James reissued an "outperform" rating and set a $48.00 price target on shares of CubeSmart in a research report on Thursday, March 28th. Finally, Wells Fargo & Company lifted their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $46.00.

CubeSmart Stock Performance

CubeSmart stock traded up $0.23 during mid-day trading on Thursday, reaching $45.25. 1,259,438 shares of the company traded hands, compared to its average volume of 1,413,613. The firm's fifty day moving average is $42.57 and its two-hundred day moving average is $43.79. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 25.14, a price-to-earnings-growth ratio of 5.47 and a beta of 0.77. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The business had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. During the same quarter last year, the company posted $0.65 EPS. CubeSmart's quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a $0.51 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.04 dividend on an annualized basis and a yield of 4.51%. CubeSmart's payout ratio is 113.33%.

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.