Resolution Capital Ltd Trims Stake in CubeSmart (NYSE:CUBE)

Resolution Capital Ltd lowered its stake in CubeSmart (NYSE:CUBE - Free Report) by 34.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,008,124 shares of the real estate investment trust's stock after selling 1,556,112 shares during the quarter. CubeSmart makes up approximately 2.3% of Resolution Capital Ltd's investment portfolio, making the stock its 15th largest position. Resolution Capital Ltd owned 1.33% of CubeSmart worth $128,898,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CUBE. Blue Trust Inc. boosted its position in CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 289 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of CubeSmart by 0.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock valued at $2,280,000 after acquiring an additional 306 shares in the last quarter. Magnetar Financial LLC grew its position in CubeSmart by 2.3% during the 4th quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust's stock worth $606,000 after acquiring an additional 320 shares during the last quarter. Mariner LLC increased its holdings in CubeSmart by 2.5% in the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust's stock worth $585,000 after purchasing an additional 328 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in CubeSmart by 5.1% in the fourth quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust's stock valued at $299,000 after purchasing an additional 342 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of research reports. Mizuho initiated coverage on shares of CubeSmart in a research report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 target price on the stock. Barclays reduced their target price on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Friday. Evercore ISI raised their price target on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Royal Bank of Canada cut their price target on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Finally, Scotiabank lifted their target price on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $47.07.

CubeSmart Trading Up 0.1%

CUBE stock traded up $0.06 during trading on Tuesday, hitting $43.64. The company had a trading volume of 683,482 shares, compared to its average volume of 1,794,024. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 11.58 and a beta of 1.00. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average price of $40.66 and a 200-day moving average price of $42.88.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. During the same quarter in the previous year, the company earned $0.64 EPS. The business's revenue was up 4.4% on a year-over-year basis. As a group, analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid 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 4.77%. CubeSmart's payout ratio is presently 123.08%.

About CubeSmart

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.