New Age Alpha Advisors LLC Trims Stock Position in CubeSmart (NYSE:CUBE)

Key Points

• New Age Alpha Advisors LLC reduced its stake in CubeSmart (NYSE:CUBE) by 10.3% during the first quarter, holding 149,732 shares worth approximately $6.4 million after selling 17,179 shares.
• Several analysts have updated their ratings and price targets for CubeSmart, with Mizuho raising its target to $43.00 and BMO Capital Markets increasing it to $49.00.
• CubeSmart announced a quarterly dividend of $0.52 per share, representing a 5.2% dividend yield, with a payout ratio of 126.83%.

New Age Alpha Advisors LLC trimmed its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 149,732 shares of the real estate investment trust's stock after selling 17,179 shares during the quarter. New Age Alpha Advisors LLC owned approximately 0.07% of CubeSmart worth $6,395,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in shares of CubeSmart by 7.4% during the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust's stock worth $158,000 after buying an additional 255 shares during the period. Cerity Partners LLC lifted its holdings in CubeSmart by 6.2% during the 1st quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust's stock worth $230,000 after buying an additional 316 shares in the last quarter. Mariner LLC grew its position in CubeSmart by 2.5% during the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock worth $585,000 after purchasing an additional 328 shares during the last quarter. CWM LLC grew its stake in shares of CubeSmart by 23.5% during the 1st quarter. CWM LLC now owns 1,950 shares of the real estate investment trust's stock worth $83,000 after purchasing an additional 371 shares during the period. Finally, EP Wealth Advisors LLC raised its position in CubeSmart by 4.4% during the fourth quarter. EP Wealth Advisors LLC now owns 9,127 shares of the real estate investment trust's stock worth $391,000 after acquiring an additional 387 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

Shares of NYSE:CUBE traded down $0.05 during midday trading on Thursday, hitting $39.45. The company's stock had a trading volume of 1,546,695 shares, compared to its average volume of 1,967,851. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 7.26 and a beta of 0.94. The stock's 50 day simple moving average is $42.05 and its 200 day simple moving average is $41.54. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.07 and a current ratio of 0.06.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The firm had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. During the same quarter in the prior year, the business posted $0.64 EPS. The business's revenue was up 6.0% compared to the same quarter last year. As a group, research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Wednesday, October 1st. CubeSmart's dividend payout ratio (DPR) is currently 126.83%.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of research reports. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and raised their target price for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Wolfe Research initiated coverage on CubeSmart in a research report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. Mizuho raised their price target on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Barclays dropped their price target on 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, BNP Paribas Exane assumed coverage on CubeSmart in a research report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $47.13.

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.