Invesco Ltd. reduced its stake in CubeSmart (NYSE:CUBE - Free Report) by 24.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,682,693 shares of the real estate investment trust's stock after selling 888,956 shares during the period. Invesco Ltd. owned approximately 1.19% of CubeSmart worth $114,953,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of CUBE. Howard Capital Management Group LLC purchased a new stake in shares of CubeSmart in the 3rd quarter valued at $212,000. Captrust Financial Advisors grew its position in CubeSmart by 4.5% in the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust's stock valued at $309,000 after acquiring an additional 248 shares in the last quarter. HighTower Advisors LLC increased its stake in CubeSmart by 0.8% during the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust's stock worth $1,758,000 after purchasing an additional 243 shares during the period. MML Investors Services LLC boosted its stake in shares of CubeSmart by 6.3% in the third quarter. MML Investors Services LLC now owns 23,618 shares of the real estate investment trust's stock valued at $1,271,000 after purchasing an additional 1,398 shares during the period. Finally, Barclays PLC boosted its stake in shares of CubeSmart by 54.0% in the third quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust's stock valued at $17,793,000 after purchasing an additional 115,904 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.
CubeSmart Stock Performance
Shares of CubeSmart stock traded up $1.03 on Friday, hitting $39.50. The stock had a trading volume of 955,932 shares, compared to its average volume of 1,437,317. The stock has a market cap of $9.04 billion, a price-to-earnings ratio of 22.31, a P/E/G ratio of 11.58 and a beta of 0.85. 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's 50 day moving average price is $40.97 and its 200 day moving average price is $44.24.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to analysts' expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, research analysts anticipate that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were given a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 5.27%. CubeSmart's dividend payout ratio is presently 120.93%.
Analyst Ratings Changes
Several equities analysts have commented on CUBE shares. Scotiabank cut shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Barclays lowered their target price on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Mizuho started coverage on CubeSmart in a report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 price target on the stock. Truist Financial upgraded shares of CubeSmart from a "hold" rating to a "buy" rating and cut their target price for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft raised CubeSmart from a "sell" rating to a "hold" rating and dropped their target price for the company from $46.00 to $45.00 in a report on Friday, January 10th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $47.31.
Read Our Latest Report on CUBE
About CubeSmart
(
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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