Pacer Advisors Inc. Lowers Stake in CubeSmart (NYSE:CUBE)

Key Points

• Pacer Advisors Inc. has reduced its stake in CubeSmart (NYSE:CUBE) by 11.6%, now holding 165,208 shares after selling 21,696 shares in the latest quarter, which equates to a valuation of approximately $7,056,000.
• CubeSmart reported a quarterly EPS of $0.64, exceeding analyst expectations, with revenue of $273.04 million, reflecting a 4.4% increase compared to the prior year.
• The company's recent quarterly dividend was paid at $0.52 per share, resulting in an annualized yield of 5.03%, although the dividend payout ratio stands at 123.08%.

Pacer Advisors Inc. trimmed its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 165,208 shares of the real estate investment trust's stock after selling 21,696 shares during the period. Pacer Advisors Inc. owned approximately 0.07% of CubeSmart worth $7,056,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Bessemer Group Inc. increased its position in 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 raised its stake in shares of CubeSmart by 6.2% in the 1st quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust's stock valued at $230,000 after purchasing an additional 316 shares in the last quarter. Mariner LLC grew its stake in CubeSmart by 2.5% in the fourth 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 in the last quarter. Orion Portfolio Solutions LLC increased its holdings in shares of CubeSmart by 0.7% in the 4th quarter. Orion Portfolio Solutions LLC now owns 50,534 shares of the real estate investment trust's stock valued at $2,165,000 after acquiring an additional 370 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of CubeSmart by 23.5% in the first quarter. CWM LLC now owns 1,950 shares of the real estate investment trust's stock valued at $83,000 after acquiring an additional 371 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on CUBE shares. 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 report on Tuesday, May 13th. Scotiabank raised their target price on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. BNP Paribas Exane began coverage on CubeSmart in a research note on Tuesday, June 24th. They set a "neutral" rating and a $46.00 target price for the company. 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 report on Monday, May 19th. Finally, Wolfe Research assumed coverage on CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, CubeSmart has an average rating of "Hold" and an average target price of $47.20.

CubeSmart Stock Performance

Shares of CUBE traded down $1.50 during mid-day trading on Thursday, hitting $39.62. 2,060,341 shares of the company's stock were exchanged, compared to its average volume of 1,786,239. The firm has a market capitalization of $9.03 billion, a P/E ratio of 23.44, a P/E/G ratio of 7.65 and a beta of 0.96. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The business's 50 day moving average is $42.32 and its two-hundred day moving average is $41.60. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. CubeSmart's revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share. On average, equities analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a $0.52 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $2.08 annualized dividend and a yield of 5.25%. CubeSmart's dividend payout ratio is currently 123.08%.

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.