Barrow Hanley Mewhinney & Strauss LLC Sells 61,602 Shares of CubeSmart (NYSE:CUBE)

Barrow Hanley Mewhinney & Strauss LLC lessened its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 2.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,574,729 shares of the real estate investment trust's stock after selling 61,602 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned 1.14% of CubeSmart worth $110,327,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock worth $1,350,080,000 after purchasing an additional 85,609 shares in the last quarter. Norges Bank purchased a new position in CubeSmart in the 4th quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. grew its stake in CubeSmart by 27.8% in 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 buying an additional 1,464,331 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after acquiring an additional 352,754 shares during the period. Finally, Northern Trust Corp lifted its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Price Performance

Shares of CUBE traded down $0.04 during midday trading on Wednesday, reaching $41.84. The stock had a trading volume of 498,289 shares, compared to its average volume of 1,494,812. The company has a market capitalization of $9.54 billion, a price-to-earnings ratio of 23.63, a price-to-earnings-growth 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 has a 12-month low of $34.24 and a 12-month high of $55.14. The company's 50-day moving average is $40.65 and its 200 day moving average is $42.65.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the prior year, the firm earned $0.64 earnings per share. CubeSmart's revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.97%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

Analyst Ratings Changes

CUBE has been the subject of several recent research reports. Bank of America upgraded CubeSmart from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Royal Bank of Canada cut their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Scotiabank upped their target price on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Monday, May 12th. Finally, Evercore ISI increased their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, CubeSmart currently has a consensus rating of "Hold" and an average target price of $47.07.

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.