CubeSmart (NYSE:CUBE) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. reduced its stake in CubeSmart (NYSE:CUBE) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 312,585 shares of the real estate investment trust’s stock after selling 6,731 shares during the period. Franklin Resources Inc. owned 0.14% of CubeSmart worth $13,394,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in CubeSmart by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock worth $1,350,080,000 after acquiring an additional 85,609 shares in the last quarter. Norges Bank purchased a new stake in shares of CubeSmart in the 4th quarter valued at about $408,064,000. Geode Capital Management LLC boosted its position in shares of CubeSmart by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after purchasing an additional 50,340 shares during the period. JPMorgan Chase & Co. grew its stake in CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after buying an additional 352,754 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC increased its position in CubeSmart by 6.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after buying an additional 191,862 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Price Performance

CUBE stock opened at $37.45 on Tuesday. The firm has a 50 day moving average of $41.80 and a 200-day moving average of $45.16. The company has a market cap of $8.53 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 11.58 and a beta of 0.85. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12-month low of $37.11 and a 12-month high of $55.14.

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

CubeSmart Announces Dividend

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. This represents a $2.08 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s payout ratio is currently 120.93%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CUBE. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their target price for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and dropped their price objective for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Royal Bank of Canada decreased their target price on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Finally, Wells Fargo & Company decreased 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 equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.