Cornercap Investment Counsel Inc. Reduces Stock Position in CubeSmart (NYSE:CUBE)

Cornercap Investment Counsel Inc. trimmed its stake in shares of CubeSmart (NYSE:CUBE) by 3.9% in the 4th quarter, Holdings Channel reports. The firm owned 14,623 shares of the real estate investment trust’s stock after selling 586 shares during the period. Cornercap Investment Counsel Inc.’s holdings in CubeSmart were worth $627,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in CubeSmart by 0.3% in 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 purchasing an additional 85,609 shares during the period. Norges Bank purchased a new stake in CubeSmart during the fourth quarter valued at $408,064,000. Geode Capital Management LLC lifted its holdings in CubeSmart by 1.1% in the third 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 acquiring an additional 50,340 shares during the period. JPMorgan Chase & Co. lifted its holdings in CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after acquiring an additional 352,754 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC boosted its position in CubeSmart by 6.0% in 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 purchasing an additional 191,862 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Finally, Royal Bank of Canada reduced their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $48.00.

CubeSmart Price Performance

NYSE:CUBE opened at $42.03 on Friday. The business’s 50-day moving average is $41.88 and its 200 day moving average is $45.78. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The company has a market capitalization of $9.58 billion, a P/E ratio of 23.74, a P/E/G ratio of 11.58 and a beta of 0.88. 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 (NYSE:CUBE) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. On average, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed 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 of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 4.95%. CubeSmart’s dividend payout ratio (DPR) is currently 120.93%.

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.