Invesco Ltd. Trims Stock Position in CubeSmart (NYSE:CUBE)

Invesco Ltd. trimmed its holdings in shares of CubeSmart (NYSE:CUBE) by 24.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,682,693 shares of the real estate investment trust’s stock after selling 888,956 shares during the period. Invesco Ltd. owned about 1.19% of CubeSmart worth $114,953,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CUBE. Versant Capital Management Inc increased its position in CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 673 shares in the last quarter. Blue Trust Inc. increased its position in CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp raised its stake in CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 389 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 559 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in shares of CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 351 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Mizuho started coverage on CubeSmart in a report on Wednesday, April 9th. They set a “neutral” rating and a $39.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and dropped their target price for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, CubeSmart has an average rating of “Hold” and an average price target of $47.31.

CubeSmart Price Performance

CubeSmart stock opened at $37.64 on Monday. 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 market capitalization of $8.58 billion, a P/E ratio of 21.26, a PEG ratio of 11.58 and a beta of 0.85. The firm has a fifty day moving average of $41.25 and a 200-day moving average of $44.52. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14.

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

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.53%. CubeSmart’s dividend payout ratio is currently 120.93%.

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.