CubeSmart (NYSE:CUBE) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd decreased its position in CubeSmart (NYSE:CUBE - Free Report) by 84.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,493 shares of the real estate investment trust's stock after selling 34,059 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in CubeSmart were worth $350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of CubeSmart by 326.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust's stock valued at $90,229,000 after purchasing an additional 1,282,995 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of CubeSmart by 14.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust's stock valued at $273,986,000 after purchasing an additional 624,661 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of CubeSmart by 12.5% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust's stock valued at $123,234,000 after purchasing an additional 303,347 shares during the last quarter. Sei Investments Co. increased its position in shares of CubeSmart by 38.2% during the 2nd quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust's stock valued at $34,427,000 after purchasing an additional 210,871 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in CubeSmart by 46.6% during the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust's stock valued at $29,406,000 after acquiring an additional 173,683 shares during the period. Institutional investors own 97.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CUBE shares. Scotiabank dropped their price objective on CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating for the company in a report on Monday, November 25th. Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, November 4th. Evercore ISI boosted their price objective on CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a report on Monday, September 16th. UBS Group cut CubeSmart from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Jefferies Financial Group boosted their price objective on CubeSmart from $53.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $51.36.

CubeSmart Stock Down 4.9 %

Shares of CUBE stock traded down $2.23 during mid-day trading on Wednesday, hitting $43.31. The stock had a trading volume of 1,821,294 shares, compared to its average volume of 1,348,851. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The firm has a market capitalization of $9.79 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 13.00 and a beta of 0.84. The firm's 50-day moving average is $48.47 and its two-hundred day moving average is $48.51. 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 released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company's revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 earnings per share. On average, analysts predict that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.80%. This is a positive change from CubeSmart's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, January 2nd. CubeSmart's payout ratio is presently 117.51%.

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.