CubeSmart (NYSE:CUBE) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. lowered its holdings in CubeSmart (NYSE:CUBE) by 12.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,555,782 shares of the real estate investment trust’s stock after selling 220,155 shares during the period. Alliancebernstein L.P. owned 0.69% of CubeSmart worth $66,665,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in CubeSmart in the 4th quarter valued at about $21,278,000. Norges Bank purchased a new stake in CubeSmart in the fourth quarter valued at approximately $408,064,000. Oak Thistle LLC grew its holdings in CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after purchasing an additional 22,582 shares during the period. Entropy Technologies LP acquired a new position in CubeSmart during the fourth quarter worth approximately $445,000. Finally, Franklin Resources Inc. raised its stake in CubeSmart by 13.1% during the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after purchasing an additional 36,919 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CUBE has been the subject of a number of research analyst reports. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $50.00 to $47.00 in a report on Friday, January 17th. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Barclays cut 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 objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $48.00.

CubeSmart Stock Down 2.2 %

Shares of CubeSmart stock opened at $41.06 on Friday. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a market capitalization of $9.36 billion, a PE ratio of 23.20, a P/E/G ratio of 11.58 and a beta of 0.88. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The business has a 50-day moving average of $41.95 and a 200-day moving average of $45.51.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. As a group, equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.07%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 120.93%.

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.