Wedbush Securities Inc. Sells 919 Shares of CubeSmart (NYSE:CUBE)

Wedbush Securities Inc. cut its holdings in shares of CubeSmart (NYSE:CUBE) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,382 shares of the real estate investment trust’s stock after selling 919 shares during the period. Wedbush Securities Inc.’s holdings in CubeSmart were worth $273,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd acquired a new stake in shares of CubeSmart in the 4th quarter valued at about $300,000. Resona Asset Management Co. Ltd. acquired a new position in CubeSmart during the fourth quarter worth approximately $3,835,000. Wells Fargo & Company MN boosted its holdings in shares of CubeSmart by 2.5% during the fourth quarter. Wells Fargo & Company MN now owns 192,080 shares of the real estate investment trust’s stock worth $8,231,000 after acquiring an additional 4,659 shares during the period. Prudential PLC boosted its holdings in shares of CubeSmart by 85.7% during the fourth quarter. Prudential PLC now owns 23,737 shares of the real estate investment trust’s stock worth $1,017,000 after acquiring an additional 10,954 shares during the period. Finally, Centersquare Investment Management LLC boosted its holdings in shares of CubeSmart by 31.9% during the fourth quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust’s stock worth $81,859,000 after acquiring an additional 462,373 shares during the period. 97.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CUBE. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Royal Bank of Canada lowered their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price target for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Barclays lowered their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Finally, Mizuho began coverage on shares of CubeSmart in a report on Wednesday. They set a “neutral” rating and a $39.00 price target for the company. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $47.31.

CubeSmart Stock Performance

Shares of CUBE opened at $38.11 on Thursday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $8.68 billion, a P/E ratio of 21.53, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The firm’s fifty day simple moving average is $41.42 and its two-hundred day simple moving average is $44.81. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly 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 for 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%. As a group, analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.46%. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

CubeSmart Profile

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.