Vestcor Inc Sells 38,094 Shares of CubeSmart (NYSE:CUBE)

Key Points

• Vestcor Inc reduced its stake in CubeSmart by 43.8%, selling 38,094 shares and retaining 48,911 shares valued at approximately $2.09 million.
• CubeSmart reported a net margin of 37.05% in its recent quarterly earnings, beating earnings estimates and achieving a revenue increase of 6.0% year-over-year.
• The company declared a quarterly dividend of $0.52, translating to an annualized yield of 5.3%, with a notably high payout ratio of 123.08%.

Vestcor Inc trimmed its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 43.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,911 shares of the real estate investment trust's stock after selling 38,094 shares during the quarter. Vestcor Inc's holdings in CubeSmart were worth $2,089,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of CubeSmart by 115.2% during the first quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 501 shares during the last quarter. Huntington National Bank lifted its holdings in CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after buying an additional 915 shares during the period. Farther Finance Advisors LLC lifted its holdings in CubeSmart by 446.2% in the first quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock valued at $76,000 after buying an additional 1,468 shares during the period. UMB Bank n.a. lifted its holdings in CubeSmart by 103.5% in the first quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust's stock valued at $82,000 after buying an additional 975 shares during the period. Finally, CWM LLC lifted its holdings in 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 buying an additional 371 shares during the period. 97.61% of the stock is owned by institutional investors.

CubeSmart Trading Down 5.4%

Shares of NYSE:CUBE opened at $38.90 on Friday. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17. The company's fifty day simple moving average is $42.27 and its 200 day simple moving average is $41.59. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 7.55 and a beta of 0.96.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The firm had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. During the same period in the previous year, the business earned $0.64 EPS. The company's revenue was up 6.0% compared to the same quarter last year. As a group, research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.3%. The ex-dividend date is Wednesday, October 1st. CubeSmart's payout ratio is presently 123.08%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Mizuho boosted their target price on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Barclays decreased their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $48.00 to $49.00 in a report on Friday, June 20th. Wolfe Research started coverage on shares of CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price on the stock. Finally, Evercore ISI increased their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, CubeSmart currently has a consensus rating of "Hold" and an average target price of $47.20.

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.

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