The Manufacturers Life Insurance Company Sells 13,141 Shares of CubeSmart (NYSE:CUBE)

The Manufacturers Life Insurance Company cut its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 6.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 196,357 shares of the real estate investment trust's stock after selling 13,141 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.09% of CubeSmart worth $8,414,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CUBE. Blue Trust Inc. boosted its position in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 289 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 389 shares in the last quarter. Versant Capital Management Inc boosted its holdings in CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock worth $29,000 after buying an additional 673 shares during the period. SRS Capital Advisors Inc. increased its stake in CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after buying an additional 559 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after acquiring an additional 351 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Scotiabank cut shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Mizuho assumed coverage on shares of CubeSmart in a research report on Wednesday, April 9th. They set a "neutral" rating and a $39.00 target price for the company. Barclays reduced their price target on shares of CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a "sell" rating to a "hold" rating and decreased their price target for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $46.85.

CubeSmart Trading Up 0.6 %

Shares of CUBE opened at $42.84 on Tuesday. The company's fifty day simple moving average is $40.55 and its 200-day simple moving average is $43.27. The company has a market cap of $9.81 billion, a P/E ratio of 24.20, a P/E/G ratio of 11.58 and a beta of 1.00. 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 twelve month low of $34.24 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued 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 net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. During the same period in the prior year, the firm posted $0.64 EPS. The firm's revenue was up 4.4% compared to the same quarter last year. As a group, analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date was Tuesday, April 1st. CubeSmart's payout ratio is currently 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.

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