Wealth Enhancement Advisory Services LLC decreased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 72.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,516 shares of the real estate investment trust's stock after selling 44,940 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in CubeSmart were worth $751,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of CubeSmart in the fourth quarter worth about $408,064,000. Capital World Investors boosted its stake 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 buying an additional 1,909,496 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake 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 buying an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake 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 buying an additional 1,464,331 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of CubeSmart by 46.6% in the 4th quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock valued at $161,067,000 after purchasing an additional 1,195,246 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.
Analyst Upgrades and Downgrades
CUBE has been the topic of several research reports. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. Evercore ISI increased their target price on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Wolfe Research began coverage on CubeSmart in a report on Monday, May 19th. They set an "outperform" rating and a $48.00 price target on the stock. Royal Bank of Canada cut their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Finally, Mizuho upped their price target on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of "Hold" and a consensus target price of $47.36.
Read Our Latest Analysis on CUBE
CubeSmart Stock Performance
Shares of NYSE CUBE traded down $0.39 during trading hours on Friday, reaching $42.97. The stock had a trading volume of 1,241,151 shares, compared to its average volume of 1,522,754. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The firm has a 50-day moving average of $41.22 and a 200-day moving average of $42.18. 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 firm has a market cap of $9.80 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 11.58 and a beta of 0.98.
CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly 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 business had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. During the same period last year, the firm earned $0.64 EPS. The company's quarterly revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Announces Dividend
The business also recently announced 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. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.84%. CubeSmart's dividend payout ratio (DPR) is currently 123.08%.
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.
Further Reading
Before you consider CubeSmart, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CubeSmart wasn't on the list.
While CubeSmart currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
