Pensionfund DSM Netherlands Sells 17,000 Shares of CubeSmart (NYSE:CUBE)

Pensionfund DSM Netherlands lessened its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 24.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,800 shares of the real estate investment trust's stock after selling 17,000 shares during the period. CubeSmart makes up about 1.4% of Pensionfund DSM Netherlands' portfolio, making the stock its 23rd largest holding. Pensionfund DSM Netherlands' holdings in CubeSmart were worth $2,305,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in CubeSmart by 32.9% during the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust's stock worth $8,531,000 after acquiring an additional 39,270 shares in the last quarter. Franklin Resources Inc. increased its position in CubeSmart by 13.1% during the 3rd quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust's stock worth $15,950,000 after purchasing an additional 36,919 shares in the last quarter. Sanctuary Advisors LLC bought a new position in CubeSmart in the 3rd quarter valued at approximately $628,000. Harbor Capital Advisors Inc. boosted its position in CubeSmart by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust's stock valued at $1,777,000 after buying an additional 18,475 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in CubeSmart by 46.6% in the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust's stock valued at $29,406,000 after buying an additional 173,683 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and dropped their price target for the company from $57.00 to $46.00 in a research note on Thursday. Royal Bank of Canada dropped their target price on CubeSmart from $56.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, November 4th. Wells Fargo & Company lifted their price target on CubeSmart from $48.00 to $50.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Barclays lowered their price objective on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a research note on Monday, October 28th. Finally, Scotiabank dropped their price objective on shares of CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating for the company in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $49.91.

CubeSmart Trading Down 2.4 %

Shares of NYSE:CUBE traded down $1.01 during trading on Monday, reaching $41.31. The stock had a trading volume of 980,873 shares, compared to its average volume of 983,322. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. 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's fifty day moving average is $46.69 and its 200 day moving average is $48.43. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 23.34, a P/E/G ratio of 13.00 and a beta of 0.87.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. During the same period last year, the company posted $0.68 EPS. The business's revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that CubeSmart will post 2.63 EPS for the current fiscal year.

CubeSmart Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.04%. This is a boost from CubeSmart's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, January 2nd. CubeSmart's dividend payout ratio is presently 117.51%.

About CubeSmart

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.