Gateway Investment Advisers LLC Reduces Stock Holdings in CubeSmart (NYSE:CUBE)

Gateway Investment Advisers LLC lessened its stake in shares of CubeSmart (NYSE:CUBE) by 36.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 210,467 shares of the real estate investment trust’s stock after selling 119,782 shares during the period. Gateway Investment Advisers LLC owned approximately 0.09% of CubeSmart worth $8,989,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of Montreal Can lifted its stake in CubeSmart by 19.7% in the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock worth $3,021,000 after purchasing an additional 11,608 shares during the last quarter. Norges Bank bought a new stake in shares of CubeSmart during the 4th quarter worth approximately $408,064,000. Raymond James Financial Inc. bought a new stake in shares of CubeSmart during the 4th quarter worth approximately $21,278,000. LPL Financial LLC boosted its holdings in CubeSmart by 19.2% during the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock valued at $4,654,000 after acquiring an additional 17,518 shares during the period. Finally, JPMorgan Chase & Co. grew its position in CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after acquiring an additional 352,754 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CUBE opened at $43.31 on Friday. The stock has a market capitalization of $9.87 billion, a PE ratio of 24.47, a PEG ratio of 11.58 and a beta of 0.98. The company has a 50 day moving average price of $40.81 and a 200-day moving average price of $42.34. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. CubeSmart’s revenue was up 4.4% on a year-over-year basis. Equities analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a $0.52 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.80%. CubeSmart’s dividend payout ratio is presently 123.08%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Evercore ISI lifted their target price on CubeSmart from $44.00 to $47.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Wells Fargo & Company reduced their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Wolfe Research assumed coverage on shares of CubeSmart in a research report on Monday, May 19th. They issued an “outperform” rating and a $48.00 price objective for the company. 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 research note on Monday, March 3rd. Finally, Truist Financial raised their target price on shares of CubeSmart from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $47.36.

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.