CubeSmart (NYSE:CUBE) Stake Trimmed by World Investment Advisors

World Investment Advisors trimmed its position in shares of CubeSmart (NYSE:CUBE) by 2.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,093 shares of the real estate investment trust’s stock after selling 529 shares during the quarter. World Investment Advisors’ holdings in CubeSmart were worth $1,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Lightrock Netherlands B.V. raised its stake in shares of CubeSmart by 42.8% in the first quarter. Lightrock Netherlands B.V. now owns 199,076 shares of the real estate investment trust’s stock valued at $8,517,000 after purchasing an additional 59,669 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of CubeSmart by 0.4% during the first quarter. Principal Financial Group Inc. now owns 520,192 shares of the real estate investment trust’s stock worth $22,217,000 after purchasing an additional 1,833 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in CubeSmart by 21.5% in the first quarter. DAVENPORT & Co LLC now owns 124,976 shares of the real estate investment trust’s stock valued at $5,338,000 after acquiring an additional 22,117 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in CubeSmart by 8.2% in the first quarter. New York State Teachers Retirement System now owns 174,297 shares of the real estate investment trust’s stock valued at $7,444,000 after acquiring an additional 13,273 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in CubeSmart by 140.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust’s stock valued at $34,528,000 after buying an additional 472,596 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on CUBE. Truist Financial raised their price target on CubeSmart from $47.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, May 19th. Scotiabank boosted their price target on CubeSmart from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Monday, May 12th. Mizuho boosted their price objective on CubeSmart from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Wolfe Research initiated coverage on CubeSmart in a research note on Monday, May 19th. They issued an “outperform” rating and a $48.00 price objective on the stock. Finally, Barclays dropped their price target on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Friday, May 16th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $47.38.

CubeSmart Price Performance

Shares of CUBE opened at $42.62 on Wednesday. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The stock has a market cap of $9.72 billion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 7.83 and a beta of 0.96. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07. The firm has a fifty day moving average price of $42.61 and a 200 day moving average price of $41.67.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. CubeSmart’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 earnings per share. As a group, sell-side analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.88%. The ex-dividend date is Tuesday, July 1st. CubeSmart’s dividend payout ratio is currently 123.08%.

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.