Barrow Hanley Mewhinney & Strauss LLC lessened its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 2.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,574,729 shares of the real estate investment trust's stock after selling 61,602 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned about 1.14% of CubeSmart worth $110,327,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in CUBE. Norges Bank acquired a new stake in CubeSmart during the 4th quarter worth approximately $408,064,000. Capital World Investors increased its position in shares of CubeSmart by 184.5% during the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock worth $126,161,000 after acquiring an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. increased its position in shares of CubeSmart by 219.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock worth $110,323,000 after acquiring an additional 1,768,626 shares during the period. T. Rowe Price Investment Management Inc. increased its position in shares of 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 worth $288,259,000 after acquiring an additional 1,464,331 shares during the period. Finally, Northern Trust Corp increased 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 during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.
CubeSmart Stock Up 1.3%
NYSE:CUBE traded up $0.53 during trading hours on Tuesday, hitting $41.85. The company's stock had a trading volume of 2,002,322 shares, compared to its average volume of 1,801,357. The stock has a market capitalization of $9.54 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The stock has a fifty day moving average of $40.66 and a 200-day moving average of $42.66. 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 52-week low of $34.24 and a 52-week high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same quarter in the prior year, the firm posted $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 forecast that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.97%. CubeSmart's dividend payout ratio is presently 123.08%.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on CUBE. Evercore ISI upped their price objective on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Truist Financial upped their price objective on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Barclays cut their price objective on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Finally, Mizuho began coverage on CubeSmart in a research report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $47.07.
Check Out Our Latest Analysis on CubeSmart
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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