CubeSmart (NYSE:CUBE) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd trimmed its stake in CubeSmart (NYSE:CUBE - Free Report) by 51.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,452 shares of the real estate investment trust's stock after selling 37,759 shares during the period. Y Intercept Hong Kong Ltd's holdings in CubeSmart were worth $1,514,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Bank of Montreal Can boosted its position 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 valued at $3,021,000 after buying an additional 11,608 shares during the period. Norges Bank bought a new stake in shares of CubeSmart in the 4th quarter valued at about $408,064,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in CubeSmart by 140.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock valued at $34,528,000 after acquiring an additional 472,596 shares during the period. Janney Montgomery Scott LLC purchased a new position in CubeSmart in the 1st quarter worth approximately $821,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of CubeSmart by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock worth $212,886,000 after purchasing an additional 72,513 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Stock Down 0.3%

Shares of CubeSmart stock traded down $0.11 on Friday, reaching $41.34. The company's stock had a trading volume of 1,227,949 shares, compared to its average volume of 1,665,810. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 7.61 and a beta of 0.96. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The firm's fifty day simple moving average is $42.41 and its two-hundred day simple moving average is $41.59.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The company had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. CubeSmart's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 EPS. Equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date of this dividend was Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is 123.08%.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of recent analyst reports. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $48.00 to $49.00 in a report on Friday, June 20th. BNP Paribas upgraded CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and raised their price target for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Wolfe Research started coverage on shares of CubeSmart in a report on Monday, May 19th. They issued an "outperform" rating and a $48.00 price objective for the company. Finally, Scotiabank lifted their target price on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, CubeSmart presently has an average rating of "Hold" and an average target price of $47.20.

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.