Voloridge Investment Management LLC cut its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 33.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 approximately 0.09% of CubeSmart worth $8,762,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in CUBE. Bank of Montreal Can boosted its holdings in CubeSmart by 19.7% during the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after purchasing an additional 11,608 shares during the last quarter. Norges Bank bought a new position in CubeSmart in the 4th quarter worth $408,064,000. Raymond James Financial Inc. purchased a new stake in CubeSmart during the 4th quarter valued at about $21,278,000. LPL Financial LLC boosted its holdings in shares of CubeSmart by 19.2% in the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after buying an additional 17,518 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock worth $184,232,000 after acquiring an additional 352,754 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.
CubeSmart Price Performance
CubeSmart stock traded down $0.22 during midday trading on Friday, reaching $42.48. The company's stock had a trading volume of 232,833 shares, compared to its average volume of 1,497,579. The business has a 50-day moving average price of $40.68 and a 200-day moving average price of $42.61. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market cap of $9.68 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00.
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, beating 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 company had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the prior year, the company earned $0.64 EPS. The firm's revenue for the quarter was up 4.4% compared to the same quarter last year. On average, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.90%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on CUBE shares. KeyCorp upgraded shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Wolfe Research assumed coverage on CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price on the stock. Bank of America raised 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 research note on Tuesday, May 13th. Truist Financial lifted their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, Barclays reduced their price objective on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $47.36.
Get Our Latest Research Report on CubeSmart
CubeSmart Company Profile
(
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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