Sterling Capital Management LLC Has $72.46 Million Position in CubeSmart (NYSE:CUBE)

Sterling Capital Management LLC trimmed its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 22.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,690,982 shares of the real estate investment trust's stock after selling 496,254 shares during the period. CubeSmart makes up about 1.0% of Sterling Capital Management LLC's investment portfolio, making the stock its 26th biggest position. Sterling Capital Management LLC owned approximately 0.75% of CubeSmart worth $72,459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CUBE. HighTower Advisors LLC boosted its stake in shares of CubeSmart by 0.8% in the 3rd 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 during the last quarter. Captrust Financial Advisors lifted 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 valued at $309,000 after buying an additional 248 shares during the period. Blue Trust Inc. boosted its stake in 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 acquiring an additional 289 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in 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 worth $2,280,000 after acquiring an additional 306 shares during the period. Finally, Magnetar Financial LLC raised its position in shares of CubeSmart by 2.3% during the 4th quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock valued at $606,000 after acquiring an additional 320 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CUBE shares. Wells Fargo & Company decreased their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. Royal Bank of Canada decreased their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Mizuho started coverage on CubeSmart in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $39.00 price target for the company. Barclays reduced their price objective on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. Finally, KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, CubeSmart currently has a consensus rating of "Hold" and an average target price of $47.31.

CubeSmart Stock Down 0.0 %

Shares of CUBE traded down $0.01 during mid-day trading on Wednesday, hitting $38.52. 222,751 shares of the company's stock were exchanged, compared to its average volume of 1,763,779. 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 has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a market cap of $8.82 billion, a PE ratio of 21.76, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a 50-day simple moving average of $41.10 and a 200 day simple moving average of $44.38.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $267.54 million. On average, research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart's dividend payout ratio is currently 120.93%.

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.