CubeSmart (NYSE:CUBE) Shares Sold by Keybank National Association OH

Keybank National Association OH reduced its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 65.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,341 shares of the real estate investment trust's stock after selling 413,576 shares during the period. Keybank National Association OH owned approximately 0.09% of CubeSmart worth $9,155,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its holdings in shares of CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after buying an additional 389 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 559 shares during the period. Huntington National Bank increased its holdings in CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after purchasing an additional 915 shares during the period. Quantbot Technologies LP acquired a new stake in CubeSmart in the fourth quarter valued at $58,000. Finally, Farther Finance Advisors LLC increased its holdings in CubeSmart by 446.2% in the first quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock valued at $76,000 after purchasing an additional 1,468 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

NYSE:CUBE traded down $0.78 during trading hours on Monday, hitting $42.56. 1,252,975 shares of the company were exchanged, compared to its average volume of 1,557,745. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of 25.18, a PEG ratio of 7.97 and a beta of 0.96. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07. The company's 50 day moving average price is $42.54 and its 200-day moving average price is $41.66.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results 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. The firm had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The business's revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 EPS. As a group, research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.89%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's payout ratio is 123.08%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CUBE shares. BNP Paribas Exane began coverage on shares of CubeSmart in a research report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price objective on the stock. Bank of America upgraded shares of CubeSmart from a "neutral" rating to a "buy" rating and raised their price target for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Wolfe Research assumed coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. Truist Financial raised their price target on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Finally, Scotiabank raised their price target on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, CubeSmart currently has a consensus rating of "Hold" and an average price target of $47.38.

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.