CubeSmart (NYSE:CUBE) Shares Sold by Fmr LLC

Fmr LLC cut its position in shares of CubeSmart (NYSE:CUBE) by 18.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,437,536 shares of the real estate investment trust’s stock after selling 3,050,403 shares during the period. Fmr LLC owned approximately 0.06% of CubeSmart worth $575,798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Howard Capital Management Group LLC acquired a new position in CubeSmart in the third quarter valued at approximately $212,000. Captrust Financial Advisors raised its position in CubeSmart by 4.5% in the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock valued at $309,000 after purchasing an additional 248 shares during the period. HighTower Advisors LLC lifted its stake in shares of CubeSmart by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock valued at $1,758,000 after purchasing an additional 243 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of CubeSmart by 42.5% during the 3rd quarter. Stifel Financial Corp now owns 117,528 shares of the real estate investment trust’s stock worth $6,327,000 after purchasing an additional 35,074 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of CubeSmart by 13.9% during the 3rd quarter. Wellington Management Group LLP now owns 929,707 shares of the real estate investment trust’s stock worth $50,046,000 after purchasing an additional 113,422 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of recent analyst reports. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Wells Fargo & Company decreased their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Royal Bank of Canada dropped their target price on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and decreased their price target for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a report on Friday, January 10th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.00.

CubeSmart Stock Down 4.2 %

CUBE stock opened at $35.88 on Wednesday. CubeSmart has a fifty-two week low of $35.60 and a fifty-two week high of $55.14. The company’s 50 day moving average price is $41.56 and its 200 day moving average price is $44.97. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market capitalization of $8.18 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 11.58 and a beta of 0.85.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data 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 company had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is 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.