Russell Investments Group Ltd. Has $62.19 Million Position in CubeSmart (NYSE:CUBE)

Russell Investments Group Ltd. trimmed its holdings in CubeSmart (NYSE:CUBE) by 37.4% during the fourth quarter, Holdings Channel reports. The firm owned 1,451,377 shares of the real estate investment trust’s stock after selling 867,572 shares during the quarter. Russell Investments Group Ltd.’s holdings in CubeSmart were worth $62,192,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Quarry LP increased its holdings in CubeSmart by 19.8% in 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 in the last quarter. HighTower Advisors LLC grew 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 worth $1,758,000 after buying an additional 243 shares during the period. Captrust Financial Advisors increased its stake in shares of CubeSmart by 4.5% in the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock valued at $309,000 after acquiring an additional 248 shares in the last quarter. Blue Trust Inc. lifted its position in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 289 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in CubeSmart by 0.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock worth $2,280,000 after acquiring an additional 306 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CUBE shares. Barclays reduced their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Finally, Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.00.

CubeSmart Price Performance

CUBE opened at $39.51 on Monday. CubeSmart has a 1 year low of $39.34 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 22.32, a P/E/G ratio of 11.58 and a beta of 0.85. The firm’s fifty day moving average price is $41.90 and its two-hundred day moving average price is $45.28.

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

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued 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 yield of 5.26%. 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.