Capital Research Global Investors Trims Stock Position in CubeSmart (NYSE:CUBE)

Capital Research Global Investors cut its position in CubeSmart (NYSE:CUBE - Free Report) by 16.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,851,247 shares of the real estate investment trust's stock after selling 361,932 shares during the quarter. Capital Research Global Investors owned about 0.82% of CubeSmart worth $79,326,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CUBE. Blue Trust Inc. raised its stake in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 289 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of 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 valued at $2,280,000 after purchasing an additional 306 shares during the period. Magnetar Financial LLC raised its stake 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 purchasing an additional 320 shares during the period. Mariner LLC raised its stake in shares of CubeSmart by 2.5% during the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock valued at $585,000 after purchasing an additional 328 shares during the period. Finally, CIBC Asset Management Inc raised its stake in shares of CubeSmart by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust's stock valued at $299,000 after purchasing an additional 342 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Trading Down 0.4 %

CubeSmart stock traded down $0.16 during trading hours on Friday, reaching $39.79. The company had a trading volume of 1,248,767 shares, compared to its average volume of 1,439,462. 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 12-month low of $34.24 and a 12-month high of $55.14. The company has a 50-day moving average price of $40.68 and a 200 day moving average price of $43.65. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 22.48, a P/E/G ratio of 11.58 and a beta of 0.85.

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

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.23%. The ex-dividend date was Tuesday, April 1st. CubeSmart's payout ratio is 120.93%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CUBE shares. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and decreased their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Scotiabank lowered CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Wells Fargo & Company decreased their target price 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. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and decreased their target price for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Finally, Royal Bank of Canada decreased their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Nine investment 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, the company has a consensus rating of "Hold" and a consensus target price of $47.31.

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.