UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $64.18 Million Stock Position in CubeSmart (NYSE:CUBE)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in CubeSmart (NYSE:CUBE - Free Report) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,497,668 shares of the real estate investment trust's stock after selling 178,509 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.66% of CubeSmart worth $64,175,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CUBE. Norges Bank bought a new position in CubeSmart during the fourth quarter worth $408,064,000. Capital World Investors increased its position in CubeSmart by 184.5% during the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock worth $126,161,000 after acquiring an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. increased its position in CubeSmart by 219.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock worth $110,323,000 after acquiring an additional 1,768,626 shares during the period. T. Rowe Price Investment Management Inc. increased its position in CubeSmart by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after acquiring an additional 1,464,331 shares during the period. Finally, Northern Trust Corp increased its position in CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock worth $161,067,000 after acquiring an additional 1,195,246 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Price Performance

Shares of CUBE traded down $0.20 on Friday, hitting $42.50. The company's stock had a trading volume of 289,757 shares, compared to its average volume of 1,497,781. The company has a market capitalization of $9.69 billion, a PE ratio of 24.01, a PEG ratio of 11.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The company has a 50 day moving average price of $40.68 and a 200 day moving average price of $42.61.

CubeSmart (NYSE:CUBE - Get Free Report) last announced 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. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. During the same period in the previous year, the business earned $0.64 EPS. CubeSmart's revenue was up 4.4% compared to the same quarter last year. On average, research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Mizuho boosted their price target on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday. Truist Financial boosted 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. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Finally, Royal Bank of Canada lowered their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. 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, the stock currently has an average rating of "Hold" and a consensus target price of $47.36.

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.