SG Americas Securities LLC reduced its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 10.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 438,936 shares of the real estate investment trust's stock after selling 49,643 shares during the period. SG Americas Securities LLC owned about 0.19% of CubeSmart worth $18,747,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. raised its stake in shares of CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 289 shares in the last quarter. Jones Financial Companies Lllp raised its position in CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after buying an additional 559 shares during the period. Huntington National Bank grew its position in shares of CubeSmart by 307.0% during the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after buying an additional 915 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of CubeSmart during the fourth quarter valued at $58,000. 97.61% of the stock is owned by hedge funds and other institutional investors.
CubeSmart Price Performance
Shares of CUBE stock traded down $0.14 on Thursday, reaching $43.18. 571,129 shares of the company were exchanged, compared to its average volume of 1,515,596. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The business has a 50-day moving average price of $40.96 and a 200 day moving average price of $42.27. The company has a market cap of $9.84 billion, a price-to-earnings ratio of 24.40, a P/E/G ratio of 11.58 and a beta of 0.98.
CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. CubeSmart's quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.64 EPS. Equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.
CubeSmart Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be given a $0.52 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.82%. CubeSmart's payout ratio is currently 123.08%.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on CUBE shares. Royal Bank of Canada decreased their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Mizuho boosted their target price on shares of CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Scotiabank boosted their price objective 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. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Finally, Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and raised their target price for the stock from $44.00 to $50.00 in a report on Tuesday, May 13th. Eight research 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 currently has an average rating of "Hold" and a consensus target price of $47.36.
Read Our Latest Report on CUBE
About CubeSmart
(
Free Report)
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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