SG Americas Securities LLC Has $18.75 Million Stake in CubeSmart (NYSE:CUBE)

SG Americas Securities LLC cut its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 10.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 438,936 shares of the real estate investment trust's stock after selling 49,643 shares during the quarter. SG Americas Securities LLC owned 0.19% of CubeSmart worth $18,747,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings 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 valued at $1,350,080,000 after purchasing an additional 85,609 shares in the last quarter. Norges Bank bought a new position in shares of CubeSmart in the fourth quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. raised its stake in shares of CubeSmart by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock valued at $288,259,000 after acquiring an additional 1,464,331 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after acquiring an additional 352,754 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of CubeSmart by 46.6% in the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after acquiring an additional 1,195,246 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on CUBE. Royal Bank of Canada dropped their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Wells Fargo & Company dropped their price objective on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Wolfe Research began coverage on shares of CubeSmart in a research report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. Barclays dropped their price objective on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Finally, Evercore ISI boosted their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, CubeSmart currently has an average rating of "Hold" and a consensus price target of $47.36.

CubeSmart Price Performance

Shares of NYSE CUBE traded down $0.39 during midday trading on Friday, reaching $42.97. 1,241,151 shares of the company were exchanged, compared to its average volume of 1,522,754. The stock's 50-day moving average price is $41.22 and its 200-day moving average price is $42.12. The stock has a market cap of $9.80 billion, a P/E ratio of 24.28, a PEG ratio of 11.58 and a beta of 0.98. CubeSmart has a one year low of $34.24 and a one year 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.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. CubeSmart's revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a $0.52 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.84%. CubeSmart's payout ratio is 123.08%.

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.