Gateway Investment Advisers LLC Decreases Stock Holdings in CubeSmart (NYSE:CUBE)

Gateway Investment Advisers LLC cut its stake in CubeSmart (NYSE:CUBE) by 7.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 330,249 shares of the real estate investment trust’s stock after selling 28,037 shares during the period. Gateway Investment Advisers LLC owned approximately 0.15% of CubeSmart worth $14,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quarry LP raised its stake in CubeSmart by 19.8% during the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 227 shares during the period. CIBC Asset Management Inc increased its holdings in shares of CubeSmart by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock worth $358,000 after buying an additional 233 shares during the last quarter. HighTower Advisors LLC raised its position in shares of CubeSmart by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock valued at $1,758,000 after buying an additional 243 shares during the period. Mirador Capital Partners LP lifted its holdings in CubeSmart by 1.6% in the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in CubeSmart by 4.5% in the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after acquiring an additional 248 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

CUBE has been the topic of a number of research analyst reports. Barclays reduced their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Wells Fargo & Company increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Finally, Scotiabank lowered their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and an average target price of $50.00.

CubeSmart Trading Up 2.4 %

NYSE:CUBE opened at $41.48 on Friday. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The firm has a market cap of $9.38 billion, a PE ratio of 23.44, a price-to-earnings-growth ratio of 11.06 and a beta of 0.87. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a fifty day moving average price of $45.45 and a 200 day moving average price of $48.13.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same period in the prior year, the firm posted $0.68 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Sell-side analysts anticipate that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.01%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s payout ratio is presently 117.51%.

CubeSmart Company 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.