Renaissance Technologies LLC Lowers Position in CubeSmart (NYSE:CUBE)

Renaissance Technologies LLC trimmed its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 10.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 167,788 shares of the real estate investment trust's stock after selling 19,600 shares during the quarter. Renaissance Technologies LLC owned about 0.07% of CubeSmart worth $7,190,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CUBE. Blue Trust Inc. grew its holdings in CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 289 shares during the period. Thrivent Financial for Lutherans raised its stake in CubeSmart by 0.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock valued at $2,280,000 after acquiring an additional 306 shares during the period. Magnetar Financial LLC raised its position in shares of CubeSmart by 2.3% in the fourth quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock valued at $606,000 after purchasing an additional 320 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of CubeSmart by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust's stock worth $299,000 after buying an additional 342 shares during the period. Finally, QRG Capital Management Inc. grew its position in shares of CubeSmart by 3.6% in the fourth quarter. QRG Capital Management Inc. now owns 9,798 shares of the real estate investment trust's stock valued at $420,000 after purchasing an additional 342 shares during the last quarter. Institutional investors own 97.61% of the company's stock.

CubeSmart Stock Up 1.3 %

Shares of CUBE stock traded up $0.53 during trading hours on Thursday, reaching $40.10. The company had a trading volume of 258,734 shares, compared to its average volume of 1,433,683. The business has a fifty day simple moving average of $40.75 and a 200-day simple moving average of $43.89. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping the consensus estimate of $0.45 by $0.23. The firm had revenue of $231.41 million for the quarter, compared to analysts' expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.19%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is presently 120.93%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CUBE. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Mizuho initiated coverage on shares of CubeSmart in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price objective on the stock. Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and decreased their price target for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Finally, Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and decreased their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $47.31.

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.