Truist Financial Corp Sells 17,744 Shares of CubeSmart $CUBE

Truist Financial Corp lessened its position in CubeSmart (NYSE:CUBE) by 4.5% in the third quarter, HoldingsChannel reports. The firm owned 373,002 shares of the real estate investment trust’s stock after selling 17,744 shares during the quarter. Truist Financial Corp’s holdings in CubeSmart were worth $15,166,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in CubeSmart by 1.3% in the first quarter. Royal Bank of Canada now owns 173,960 shares of the real estate investment trust’s stock worth $7,429,000 after purchasing an additional 2,284 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of CubeSmart by 944.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,091 shares of the real estate investment trust’s stock worth $303,000 after buying an additional 6,412 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of CubeSmart by 4.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 484,293 shares of the real estate investment trust’s stock worth $20,684,000 after acquiring an additional 19,476 shares in the last quarter. Caxton Associates LLP purchased a new position in CubeSmart during the 1st quarter valued at about $270,000. Finally, Signaturefd LLC lifted its position in CubeSmart by 82.8% during the 2nd quarter. Signaturefd LLC now owns 1,680 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 761 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

CUBE stock opened at $37.51 on Friday. The stock has a market capitalization of $8.55 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 8.27 and a beta of 1.11. CubeSmart has a 12-month low of $34.24 and a 12-month high of $44.13. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.22. The stock’s 50 day simple moving average is $36.94 and its 200 day simple moving average is $38.87.

CubeSmart (NYSE:CUBE) last posted its earnings results on Friday, October 31st. The real estate investment trust reported $0.65 EPS for the quarter, hitting analysts’ consensus estimates of $0.65. CubeSmart had a return on equity of 12.49% and a net margin of 33.31%.The business had revenue of $285.08 million during the quarter, compared to analyst estimates of $282.57 million. During the same quarter last year, the company earned $0.67 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 5.7%. This is a boost from CubeSmart’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Friday, January 2nd. CubeSmart’s payout ratio is 135.90%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of analyst reports. Truist Financial decreased their target price on shares of CubeSmart from $48.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, December 16th. Weiss Ratings restated a “hold (c)” rating on shares of CubeSmart in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft cut CubeSmart from a “buy” rating to a “hold” rating and set a $40.00 price objective for the company. in a research note on Tuesday, January 20th. Mizuho dropped their target price on CubeSmart from $43.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, December 5th. Finally, Wolfe Research downgraded CubeSmart from an “outperform” rating to a “peer perform” rating in a report on Monday, January 26th. Five investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $44.40.

CubeSmart Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.