Harbor Capital Advisors Inc. Cuts Stock Position in CubeSmart (NYSE:CUBE)

Harbor Capital Advisors Inc. cut its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 96.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,165 shares of the real estate investment trust's stock after selling 32,326 shares during the period. Harbor Capital Advisors Inc.'s holdings in CubeSmart were worth $50,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in CubeSmart by 0.3% during 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 during the period. Norges Bank purchased a new stake in CubeSmart during the fourth quarter worth about $408,064,000. T. Rowe Price Investment Management Inc. increased its stake 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 buying an additional 1,464,331 shares during the period. JPMorgan Chase & Co. increased its stake in shares of CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after buying an additional 352,754 shares during the period. Finally, Northern Trust Corp increased its stake 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 buying an additional 1,195,246 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $42.97 on Monday. The firm has a market capitalization of $9.80 billion, a P/E ratio of 24.28, a P/E/G ratio of 11.58 and a beta of 0.98. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm's 50 day moving average is $41.22 and its two-hundred day moving average is $42.07.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping 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 company's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. Research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.84%. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CUBE shares. Truist Financial upped their target price 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. Wolfe Research started coverage on shares of CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 target price on the stock. Mizuho upped their target price on shares of CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Barclays cut their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Finally, KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $47.36.

CubeSmart Company 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.

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