Corebridge Financial Inc. Reduces Stake in CubeSmart (NYSE:CUBE)

Corebridge Financial Inc. cut its stake in shares of CubeSmart (NYSE:CUBE) by 3.9% during the fourth quarter, HoldingsChannel reports. The firm owned 255,881 shares of the real estate investment trust’s stock after selling 10,416 shares during the quarter. Corebridge Financial Inc.’s holdings in CubeSmart were worth $10,965,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of CubeSmart by 326.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock worth $90,229,000 after purchasing an additional 1,282,995 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of CubeSmart in the fourth quarter worth approximately $21,278,000. SG Americas Securities LLC lifted its holdings in shares of CubeSmart by 10,685.4% in the 4th quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock worth $20,936,000 after buying an additional 484,049 shares during the period. Presima Securities ULC grew its position in shares of CubeSmart by 4,092.4% during the 4th quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock worth $19,042,000 after buying an additional 433,790 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its holdings in CubeSmart by 6.0% during the 4th 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 acquiring an additional 191,862 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

CUBE opened at $41.47 on Thursday. 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 firm has a 50 day moving average of $41.87 and a two-hundred day moving average of $45.93. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The firm has a market capitalization of $9.45 billion, a PE ratio of 23.43, a P/E/G ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping 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 firm had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. On average, analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently announced 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. This represents a $2.08 annualized dividend and a dividend yield of 5.02%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CUBE shares. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their price target for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Royal Bank of Canada decreased their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Barclays decreased their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Finally, Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.