Ameriprise Financial Inc. cut its stake in CubeSmart (NYSE:CUBE - Free Report) by 16.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,543 shares of the real estate investment trust's stock after selling 70,515 shares during the period. Ameriprise Financial Inc. owned approximately 0.15% of CubeSmart worth $14,935,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in CUBE. Norges Bank bought a new position in CubeSmart during the 4th quarter valued at $408,064,000. Capital World Investors raised its stake in shares of 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 worth $126,161,000 after buying an additional 1,909,496 shares in the last quarter. Alyeska Investment Group L.P. lifted its holdings in shares of CubeSmart by 219.4% in the fourth 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 buying an additional 1,768,626 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in CubeSmart by 27.8% during the fourth 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 buying an additional 1,464,331 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock worth $161,067,000 after acquiring an additional 1,195,246 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.
Wall Street Analyst Weigh In
CUBE has been the subject of a number of research analyst reports. Barclays cut their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and increased their target price for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Evercore ISI raised their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Royal Bank of Canada decreased their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Finally, Wells Fargo & Company dropped their price target on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $47.07.
Read Our Latest Analysis on CubeSmart
CubeSmart Stock Down 0.6%
NYSE:CUBE traded down $0.24 during trading hours on Thursday, hitting $41.33. 793,355 shares of the stock traded hands, compared to its average volume of 1,488,071. The firm has a 50 day moving average price of $40.71 and a 200 day moving average price of $42.88. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 11.58 and a beta of 1.00. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week 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.
CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. The firm had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. CubeSmart's quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 earnings per share. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.03%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is 123.08%.
CubeSmart Company Profile
(
Free Report)
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.
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