CubeSmart (NYSE:CUBE) Position Reduced by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. reduced its position in shares of CubeSmart (NYSE:CUBEFree Report) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,952 shares of the real estate investment trust’s stock after selling 329 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in CubeSmart were worth $785,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in CubeSmart during the fourth quarter valued at about $444,818,000. Invesco Ltd. boosted its position in shares of CubeSmart by 4.7% during the 3rd quarter. Invesco Ltd. now owns 4,722,108 shares of the real estate investment trust’s stock valued at $180,054,000 after purchasing an additional 210,338 shares in the last quarter. Truist Financial Corp grew its stake in shares of CubeSmart by 14.5% in the 4th quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust’s stock worth $162,975,000 after purchasing an additional 445,228 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of CubeSmart by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,230,215 shares of the real estate investment trust’s stock worth $149,726,000 after purchasing an additional 22,105 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in CubeSmart by 1,915.7% during the third quarter. Deutsche Bank AG now owns 3,058,193 shares of the real estate investment trust’s stock valued at $116,609,000 after purchasing an additional 2,906,478 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Price Performance

NYSE CUBE opened at $42.54 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of 23.63, a price-to-earnings-growth ratio of 5.17 and a beta of 0.77. The company has a 50 day simple moving average of $42.71 and a 200-day simple moving average of $43.55. CubeSmart has a 52-week low of $33.17 and a 52-week high of $47.81.

CubeSmart (NYSE:CUBEGet Free Report) last announced its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The firm had revenue of $261.41 million for the quarter, compared to analysts’ expectations of $253.91 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. CubeSmart’s revenue was up 1.9% on a year-over-year basis. Equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.51 per share. The ex-dividend date is Monday, July 1st. This represents a $2.04 annualized dividend and a yield of 4.80%. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CUBE. Evercore ISI lifted their price target on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, March 4th. Wells Fargo & Company boosted their target price on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, April 5th. Raymond James reaffirmed an “outperform” rating and set a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Barclays assumed coverage on CubeSmart in a report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price objective on the stock. Finally, BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $46.17.

Read Our Latest Stock Analysis on CUBE

About CubeSmart

(Free Report)

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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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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