1834 Investment Advisors Co. Trims Stake in CubeSmart (NYSE:CUBE)

Key Points

• 1834 Investment Advisors Co. reduced its stake in CubeSmart by 12.3%, owning 74,010 shares valued at approximately $3.16 million.
• A number of institutional investors, including LPL Financial LLC and National Bank of Canada FI, have increased their positions in CubeSmart, reflecting a strong interest from the institutional investing community.
• CubeSmart reported earnings of $0.65 per share, surpassing estimates, alongside a quarterly revenue of $282.30 million, marking a 6.0% year-over-year increase.

1834 Investment Advisors Co. decreased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,010 shares of the real estate investment trust's stock after selling 10,344 shares during the quarter. 1834 Investment Advisors Co.'s holdings in CubeSmart were worth $3,161,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors boosted its stake in CubeSmart by 184.5% in the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock valued at $126,161,000 after buying an additional 1,909,496 shares in the last quarter. Alyeska Investment Group L.P. increased its holdings in CubeSmart by 219.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock valued at $110,323,000 after purchasing an additional 1,768,626 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in CubeSmart by 27.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock valued at $288,259,000 after purchasing an additional 1,464,331 shares in the last quarter. Northern Trust Corp increased its holdings in CubeSmart by 46.6% during the 4th quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after purchasing an additional 1,195,246 shares in the last quarter. Finally, Hudson Bay Capital Management LP acquired a new stake in CubeSmart during the 4th quarter valued at $45,805,000. Institutional investors own 97.61% of the company's stock.

CubeSmart Stock Down 0.1%

Shares of NYSE:CUBE traded down $0.03 during midday trading on Monday, reaching $38.80. The company had a trading volume of 245,366 shares, compared to its average volume of 1,796,119. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. The business's 50 day moving average price is $41.97 and its 200 day moving average price is $41.53. The stock has a market cap of $8.85 billion, a PE ratio of 23.66, a P/E/G ratio of 7.13 and a beta of 0.94. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. The business had revenue of $282.30 million for the quarter, compared to the consensus estimate of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. CubeSmart's quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 earnings per share. Research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Wednesday, October 1st. CubeSmart's dividend payout ratio is presently 126.83%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Truist Financial lifted their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Royal Bank Of Canada decreased their price objective on CubeSmart from $48.00 to $47.00 and set an "outperform" rating for the company in a research note on Monday, August 4th. Mizuho lifted their price objective on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Finally, Scotiabank lifted their price objective on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, CubeSmart presently has an average rating of "Hold" and a consensus price target of $46.93.

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.