Federated Hermes Inc. Trims Stock Position in CubeSmart (NYSE:CUBE)

Federated Hermes Inc. cut its holdings in CubeSmart (NYSE:CUBE - Free Report) by 39.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,261 shares of the real estate investment trust's stock after selling 14,659 shares during the quarter. Federated Hermes Inc.'s holdings in CubeSmart were worth $954,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CUBE. Norges Bank acquired a new position in CubeSmart during the 4th quarter worth approximately $408,064,000. Raymond James Financial Inc. bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $21,278,000. Oak Thistle LLC raised its position in shares of CubeSmart by 232.9% during the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock worth $1,383,000 after purchasing an additional 22,582 shares during the period. LPL Financial LLC raised its position in shares of CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after purchasing an additional 17,518 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after purchasing an additional 352,754 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Performance

Shares of CUBE traded down $1.13 during mid-day trading on Monday, hitting $38.44. The stock had a trading volume of 842,838 shares, compared to its average volume of 1,436,460. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The business has a fifty day moving average price of $40.84 and a 200-day moving average price of $43.95. The firm has a market cap of $8.80 billion, a P/E ratio of 21.72, a PEG ratio of 11.58 and a beta of 0.85.

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

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.41%. CubeSmart's dividend payout ratio is currently 120.93%.

Analyst Ratings Changes

CUBE has been the subject of a number of recent research reports. Scotiabank lowered shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Mizuho started coverage on CubeSmart in a research note on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price target for the company. Wells Fargo & Company lowered 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. KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Finally, Royal Bank of Canada dropped their price objective 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 analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average 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.