CubeSmart (NYSE:CUBE) Shares Sold by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. lessened its holdings in CubeSmart (NYSE:CUBE - Free Report) by 96.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,165 shares of the real estate investment trust's stock after selling 32,326 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in CubeSmart were worth $50,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CUBE. Bank of Montreal Can raised its stake in CubeSmart by 19.7% in the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after acquiring an additional 11,608 shares during the last quarter. Norges Bank acquired a new stake in shares of CubeSmart in the fourth quarter worth $408,064,000. Raymond James Financial Inc. purchased a new position in shares of CubeSmart during the fourth quarter worth $21,278,000. LPL Financial LLC lifted its position in CubeSmart by 19.2% during the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock valued at $4,654,000 after purchasing an additional 17,518 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after purchasing an additional 352,754 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Trading Down 0.7%

CubeSmart stock traded down $0.29 during trading on Thursday, reaching $42.69. 1,301,325 shares of the company were exchanged, compared to its average volume of 1,524,151. The stock's 50 day simple moving average is $41.55 and its two-hundred day simple moving average is $42.03. The company has a market capitalization of $9.73 billion, a P/E ratio of 25.26, a PEG ratio of 7.90 and a beta of 0.98. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data 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. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The firm 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 posted $0.64 earnings per share. CubeSmart's quarterly revenue was up 4.4% on a year-over-year basis. On average, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 4.87%. The ex-dividend date is Tuesday, July 1st. CubeSmart's payout ratio is 123.08%.

Analyst Ratings Changes

CUBE has been the topic of several analyst reports. Mizuho raised their target price on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Truist Financial lifted their target price on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their target price for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Royal Bank Of Canada dropped 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, 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 research report on Friday, May 2nd. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, CubeSmart has a consensus rating of "Hold" and an average price target of $47.36.

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.