Russell Investments Group Ltd. reduced its holdings in CubeSmart (NYSE:CUBE - Free Report) by 37.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,451,377 shares of the real estate investment trust's stock after selling 867,572 shares during the quarter. Russell Investments Group Ltd. owned about 0.64% of CubeSmart worth $62,192,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Quarry LP boosted its position in CubeSmart by 19.8% during the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust's stock valued at $74,000 after acquiring an additional 227 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of CubeSmart by 0.8% during the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust's stock valued at $1,758,000 after purchasing an additional 243 shares in the last quarter. Captrust Financial Advisors raised its holdings in CubeSmart by 4.5% in the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust's stock worth $309,000 after purchasing an additional 248 shares in the last quarter. Blue Trust Inc. lifted its position in CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 289 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of CubeSmart by 0.6% during 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 buying an additional 306 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.
CubeSmart Stock Performance
CubeSmart stock traded up $0.59 during midday trading on Friday, hitting $37.64. The stock had a trading volume of 2,346,187 shares, compared to its average volume of 1,433,982. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The company has a market capitalization of $8.58 billion, a PE ratio of 21.26, a P/E/G ratio of 11.58 and a beta of 0.85. The firm's fifty day moving average is $41.25 and its two-hundred day moving average is $44.58.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating the consensus estimate of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. On average, research analysts forecast that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.53%. CubeSmart's dividend payout ratio (DPR) is 120.93%.
Wall Street Analyst Weigh In
Several research firms recently weighed in on CUBE. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and cut their price target for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Scotiabank downgraded CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Royal Bank of Canada reduced their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and cut their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $47.31.
View Our Latest Research Report on CubeSmart
About CubeSmart
(
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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