Franklin Resources Inc. Sells 6,731 Shares of CubeSmart (NYSE:CUBE)

Franklin Resources Inc. lowered its stake in CubeSmart (NYSE:CUBE - Free Report) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 312,585 shares of the real estate investment trust's stock after selling 6,731 shares during the quarter. Franklin Resources Inc. owned approximately 0.14% of CubeSmart worth $13,394,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc increased its position in shares of CubeSmart by 9,614.3% during the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 673 shares during the last quarter. Blue Trust Inc. grew its stake in shares of CubeSmart by 74.9% in 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 in the last quarter. Jones Financial Companies Lllp grew its stake in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 389 shares in the last quarter. SRS Capital Advisors Inc. raised its position in CubeSmart by 310.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 559 shares in the last quarter. Finally, UMB Bank n.a. raised its position in CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 351 shares in the last quarter. Institutional investors own 97.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CUBE shares. Truist Financial upgraded shares of CubeSmart from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Jefferies Financial Group downgraded CubeSmart from a "buy" rating to a "hold" rating and lowered their price target for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Barclays dropped their price objective on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. Scotiabank downgraded CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Finally, Mizuho initiated coverage on CubeSmart in a research note on Wednesday. They issued a "neutral" rating and a $39.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $47.31.

CubeSmart Stock Performance

CUBE stock traded up $0.59 during trading hours on Friday, hitting $37.64. 2,346,187 shares of the stock were exchanged, compared to its average volume of 1,433,982. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $8.58 billion, a P/E ratio of 21.26, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a 50-day simple moving average of $41.25 and a two-hundred day simple moving average of $44.58.

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

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.53%. CubeSmart's payout ratio is 120.93%.

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.