Duff & Phelps Investment Management Co. Cuts Position in CubeSmart (NYSE:CUBE)

Duff & Phelps Investment Management Co. trimmed its holdings in shares of CubeSmart (NYSE:CUBE) by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,182,425 shares of the real estate investment trust’s stock after selling 18,704 shares during the period. Duff & Phelps Investment Management Co. owned about 0.97% of CubeSmart worth $93,517,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock valued at $1,350,080,000 after purchasing an additional 85,609 shares during the last quarter. Norges Bank acquired a new stake in shares of CubeSmart in the fourth quarter worth $408,064,000. Geode Capital Management LLC boosted its position in shares of CubeSmart by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after acquiring an additional 50,340 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of CubeSmart by 8.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after buying an additional 352,754 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its stake in shares of CubeSmart by 6.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock valued at $144,320,000 after purchasing an additional 191,862 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Stock Up 0.4 %

NYSE:CUBE opened at $41.64 on Friday. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a 50-day moving average of $41.87 and a 200 day moving average of $45.90. The firm has a market cap of $9.49 billion, a PE ratio of 23.52, a price-to-earnings-growth 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.

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

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio is presently 120.93%.

Wall Street Analyst Weigh In

Several analysts have commented on CUBE shares. Royal Bank of Canada dropped their target price on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and decreased their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and cut their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.00.

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.