BNP Paribas Financial Markets Sells 26,234 Shares of CubeSmart (NYSE:CUBE)

BNP Paribas Financial Markets reduced its stake in CubeSmart (NYSE:CUBE - Free Report) by 16.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 132,238 shares of the real estate investment trust's stock after selling 26,234 shares during the period. BNP Paribas Financial Markets owned 0.06% of CubeSmart worth $5,666,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock worth $1,350,080,000 after acquiring an additional 85,609 shares in the last quarter. Norges Bank bought a new position in CubeSmart during the fourth quarter worth about $408,064,000. T. Rowe Price Investment Management Inc. lifted its holdings in CubeSmart by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after acquiring an additional 1,464,331 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after acquiring an additional 352,754 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock worth $161,067,000 after acquiring an additional 1,195,246 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Down 0.3%

Shares of NYSE:CUBE traded down $0.12 during midday trading on Monday, reaching $43.56. The company had a trading volume of 1,580,632 shares, compared to its average volume of 1,482,200. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The business's 50 day moving average price is $40.66 and its 200 day moving average price is $42.88. The stock has a market cap of $9.93 billion, a PE ratio of 24.61, a P/E/G ratio of 11.58 and a beta of 1.00. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. During the same quarter last year, the company posted $0.64 earnings per share. CubeSmart's quarterly revenue was up 4.4% on a year-over-year basis. Research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's payout ratio is currently 123.08%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CUBE. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Wells Fargo & Company dropped their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Mizuho began coverage on CubeSmart in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price target on the stock. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Finally, Scotiabank lifted their price target on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $47.07.

CubeSmart Company 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.