Gateway Investment Advisers LLC Lowers Stock Holdings in CubeSmart (NYSE:CUBE)

Gateway Investment Advisers LLC trimmed its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 36.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 210,467 shares of the real estate investment trust's stock after selling 119,782 shares during the quarter. Gateway Investment Advisers LLC owned approximately 0.09% of CubeSmart worth $8,989,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CUBE. Blue Trust Inc. lifted its stake in CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 289 shares in the last quarter. abrdn plc raised its holdings in shares of CubeSmart by 53.9% during the fourth quarter. abrdn plc now owns 70,922 shares of the real estate investment trust's stock valued at $3,003,000 after acquiring an additional 24,832 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of CubeSmart by 0.5% during the fourth quarter. State of Alaska Department of Revenue now owns 133,719 shares of the real estate investment trust's stock valued at $5,728,000 after acquiring an additional 669 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of CubeSmart by 9.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,902 shares of the real estate investment trust's stock valued at $1,967,000 after acquiring an additional 3,941 shares in the last quarter. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of CubeSmart in the fourth quarter worth approximately $1,337,000. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Trading Up 0.0%

Shares of CUBE stock traded up $0.01 during trading on Monday, hitting $43.28. 1,663,743 shares of the stock traded hands, compared to its average volume of 1,521,250. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The firm has a market capitalization of $9.87 billion, a P/E ratio of 24.45, a price-to-earnings-growth ratio of 11.58 and a beta of 0.98. The firm's fifty day moving average price is $40.81 and its 200-day moving average price is $42.30. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

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

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio is presently 123.08%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CUBE. Scotiabank increased their price objective on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Wells Fargo & Company dropped their target price on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Truist Financial raised their price target on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Royal Bank of Canada lowered 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, Barclays cut their price objective 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. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $47.36.

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.