Renaissance Technologies LLC Sells 19,600 Shares of CubeSmart (NYSE:CUBE)

Renaissance Technologies LLC decreased its position in shares of CubeSmart (NYSE:CUBE) by 10.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,788 shares of the real estate investment trust’s stock after selling 19,600 shares during the quarter. Renaissance Technologies LLC owned approximately 0.07% of CubeSmart worth $7,190,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Howard Capital Management Group LLC bought a new stake in shares of CubeSmart in the 3rd quarter valued at about $212,000. Barclays PLC lifted its holdings in CubeSmart by 54.0% during the third quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust’s stock worth $17,793,000 after buying an additional 115,904 shares during the period. Virtu Financial LLC bought a new stake in CubeSmart during the 3rd quarter valued at $566,000. Anchor Investment Management LLC purchased a new position in shares of CubeSmart in the 3rd quarter valued at $79,000. Finally, Sanctuary Advisors LLC bought a new position in shares of CubeSmart in the 3rd quarter worth $628,000. 97.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CUBE shares. Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Jefferies Financial Group downgraded shares of 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 report on Thursday, January 2nd. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and cut their price target for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and decreased their price objective for the company from $46.00 to $45.00 in a report on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and an average price target of $47.31.

CubeSmart Stock Performance

Shares of CUBE opened at $39.50 on Friday. 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 stock has a 50-day moving average of $40.91 and a two-hundred day moving average of $44.15. The stock has a market cap of $9.04 billion, a P/E ratio of 22.31, a P/E/G ratio of 11.58 and a beta of 0.85. CubeSmart has a one year low of $34.24 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last issued its 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. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. As a group, research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.27%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 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.