HighTower Advisors LLC Has $1.33 Million Stake in CubeSmart (NYSE:CUBE)

HighTower Advisors LLC trimmed its stake in CubeSmart (NYSE:CUBE) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,981 shares of the real estate investment trust’s stock after selling 1,633 shares during the period. HighTower Advisors LLC’s holdings in CubeSmart were worth $1,328,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CUBE. Howard Capital Management Group LLC acquired a new position in shares of CubeSmart in the 3rd quarter worth approximately $212,000. Advisors Asset Management Inc. boosted its stake in CubeSmart by 11.8% in the third quarter. Advisors Asset Management Inc. now owns 5,010 shares of the real estate investment trust’s stock worth $270,000 after purchasing an additional 529 shares in the last quarter. Citigroup Inc. grew its holdings in shares of CubeSmart by 28.3% during the third quarter. Citigroup Inc. now owns 116,903 shares of the real estate investment trust’s stock worth $6,293,000 after purchasing an additional 25,756 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of CubeSmart by 6.9% during the third quarter. Daiwa Securities Group Inc. now owns 75,135 shares of the real estate investment trust’s stock worth $4,045,000 after purchasing an additional 4,853 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd increased its stake in shares of CubeSmart by 183.9% in the third quarter. Harvest Fund Management Co. Ltd now owns 4,173 shares of the real estate investment trust’s stock valued at $225,000 after buying an additional 2,703 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Down 1.5 %

Shares of CUBE stock opened at $41.11 on Wednesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a fifty day moving average of $41.85 and a 200-day moving average of $45.96. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The company has a market capitalization of $9.37 billion, a price-to-earnings ratio of 23.23, a P/E/G ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. As a group, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.06%. CubeSmart’s payout ratio is presently 120.93%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Royal Bank of Canada decreased their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and dropped their target price for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, Wells Fargo & Company lowered their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Eight 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, the stock has an average rating of “Hold” and an average price target of $48.00.

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.