Sei Investments Co. decreased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 19.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 614,937 shares of the real estate investment trust's stock after selling 152,452 shares during the quarter. Sei Investments Co. owned approximately 0.27% of CubeSmart worth $26,350,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Howard Capital Management Group LLC acquired a new position in shares of CubeSmart in the 3rd quarter valued at approximately $212,000. Advisors Asset Management Inc. raised its holdings in CubeSmart by 11.8% in the third quarter. Advisors Asset Management Inc. now owns 5,010 shares of the real estate investment trust's stock valued at $270,000 after acquiring an additional 529 shares in the last quarter. Citigroup Inc. boosted its stake in CubeSmart by 28.3% during the 3rd quarter. Citigroup Inc. now owns 116,903 shares of the real estate investment trust's stock valued at $6,293,000 after acquiring an additional 25,756 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in CubeSmart by 6.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 75,135 shares of the real estate investment trust's stock worth $4,045,000 after acquiring an additional 4,853 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd increased its position in shares of CubeSmart by 183.9% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 4,173 shares of the real estate investment trust's stock worth $225,000 after purchasing an additional 2,703 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have commented on CUBE. Jefferies Financial Group downgraded CubeSmart from a "buy" rating to a "hold" rating and reduced their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. 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. Royal Bank of Canada cut their target price on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Wells Fargo & Company lowered their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, Barclays cut their price target on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $48.00.
Get Our Latest Stock Report on CubeSmart
CubeSmart Stock Performance
CUBE stock traded up $0.42 during trading on Friday, reaching $42.03. 1,221,672 shares of the company's stock were exchanged, compared to its average volume of 1,386,091. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The firm has a market cap of $9.58 billion, a PE ratio of 23.74, a P/E/G ratio of 11.58 and a beta of 0.88. The company's fifty day moving average price is $41.88 and its 200-day moving average price is $45.72. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.
CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate 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 EPS for the current fiscal year.
CubeSmart Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.95%. CubeSmart's dividend payout ratio is presently 120.93%.
CubeSmart Profile
(
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.
Further Reading
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