CubeSmart (NYSE:CUBE) Position Lessened by Wolverine Asset Management LLC

Key Points

• Wolverine Asset Management LLC reduced its position in CubeSmart by 28.3%, owning 60,375 shares valued at approximately $2.58 million after selling 23,875 shares during the first quarter.
• CubeSmart reported earnings of $0.65 per share for the most recent quarter, exceeding analyst expectations, with revenues of $282.30 million, a 6% increase from the previous year.
• The company announced a quarterly dividend of $0.52 per share, with a yield of 5.4%, highlighting its commitment to returning value to shareholders.

Wolverine Asset Management LLC lowered its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 28.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 60,375 shares of the real estate investment trust's stock after selling 23,875 shares during the period. Wolverine Asset Management LLC's holdings in CubeSmart were worth $2,579,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in shares of CubeSmart by 115.2% in the 1st quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock valued at $37,000 after buying an additional 501 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of CubeSmart by 446.2% in the 1st 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. raised its holdings in shares of CubeSmart by 103.5% in the 1st 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. CWM LLC raised its holdings in shares of CubeSmart by 23.5% in the 1st 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. Finally, Capital A Wealth Management LLC purchased a new stake in shares of CubeSmart in the 4th quarter valued at $92,000. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

Shares of NYSE:CUBE traded down $0.13 on Monday, hitting $38.71. The company had a trading volume of 1,494,980 shares, compared to its average volume of 1,921,980. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The business has a 50 day moving average of $41.88 and a 200 day moving average of $41.51. The company has a market cap of $8.83 billion, a PE ratio of 23.60, a PEG ratio of 7.13 and a beta of 0.94.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $282.30 million for the quarter, compared to the consensus estimate of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The business's revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.64 earnings per share. As a group, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Wednesday, October 1st. CubeSmart's dividend payout ratio (DPR) is currently 126.83%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Wolfe Research assumed coverage on CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Truist Financial upped their price objective on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. BNP Paribas upgraded CubeSmart to a "hold" rating in a research note on Tuesday, June 24th. Scotiabank lifted their price target on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Finally, Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and boosted their target price for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $46.93.

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.