Voloridge Investment Management LLC Sells 101,557 Shares of CubeSmart (NYSE:CUBE)

Voloridge Investment Management LLC lessened its holdings in CubeSmart (NYSE:CUBE - Free Report) by 33.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 204,477 shares of the real estate investment trust's stock after selling 101,557 shares during the quarter. Voloridge Investment Management LLC owned about 0.09% of CubeSmart worth $8,762,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CUBE. Vanguard Group Inc. boosted its stake in CubeSmart by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock worth $1,350,080,000 after purchasing an additional 85,609 shares in the last quarter. Norges Bank purchased a new position in CubeSmart in the fourth quarter worth about $408,064,000. T. Rowe Price Investment Management Inc. raised its holdings in 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 worth $288,259,000 after buying an additional 1,464,331 shares during the last quarter. JPMorgan Chase & Co. lifted 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 worth $184,232,000 after buying an additional 352,754 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of 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 valued at $161,067,000 after buying an additional 1,195,246 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Stock Performance

NYSE CUBE traded up $0.63 on Thursday, hitting $42.67. 2,153,260 shares of the company traded hands, compared to its average volume of 1,504,804. The business's 50 day moving average price is $40.66 and its 200-day moving average price is $42.65. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 24.11, a P/E/G ratio of 11.58 and a beta of 1.00.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same period in the prior year, the business posted $0.64 earnings per share. The company's revenue was up 4.4% on a year-over-year basis. Equities analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a $0.52 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.87%. CubeSmart's payout ratio is 123.08%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Truist Financial upped their price objective on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Royal Bank of Canada decreased their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. 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, Evercore ISI lifted their price target on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $47.33.

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.