Cetera Investment Advisers Sells 8,599 Shares of CubeSmart (NYSE:CUBE)

Cetera Investment Advisers decreased its position in CubeSmart (NYSE:CUBE - Free Report) by 31.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,608 shares of the real estate investment trust's stock after selling 8,599 shares during the quarter. Cetera Investment Advisers' holdings in CubeSmart were worth $797,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. 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 period. Jones Financial Companies Lllp lifted its holdings in shares of CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares during the last quarter. SRS Capital Advisors Inc. boosted its position in CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares during the period. UMB Bank n.a. grew its stake in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after buying an additional 351 shares during the last quarter. Finally, Huntington National Bank increased its position in CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after buying an additional 915 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

Analyst Ratings Changes

CUBE has been the subject of several analyst reports. Bank of America upgraded CubeSmart from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Royal Bank of Canada lowered their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Evercore ISI upped their price objective 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. Wells Fargo & Company decreased their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, CubeSmart presently has a consensus rating of "Hold" and an average price target of $47.33.

CubeSmart Trading Up 1.5%

CUBE stock traded up $0.63 during mid-day trading on Thursday, reaching $42.67. 2,156,541 shares of the stock traded hands, compared to its average volume of 1,502,549. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The stock's fifty day moving average is $40.68 and its 200-day moving average is $42.61. The company has a market cap of $9.73 billion, a P/E ratio of 24.11, a P/E/G ratio of 11.58 and a beta of 1.00. 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 released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 earnings per share. As a group, sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.87%. CubeSmart's dividend payout ratio (DPR) is 123.08%.

About CubeSmart

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.