Sei Investments Co. Lowers Stake in CubeSmart (NYSE:CUBE)

Sei Investments Co. lessened its position in shares of CubeSmart (NYSE:CUBE) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 609,530 shares of the real estate investment trust’s stock after selling 5,407 shares during the period. Sei Investments Co. owned approximately 0.27% of CubeSmart worth $26,116,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can grew its position in CubeSmart by 19.7% during the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock valued at $3,021,000 after acquiring an additional 11,608 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of CubeSmart by 140.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust’s stock worth $34,528,000 after buying an additional 472,596 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of CubeSmart in the first quarter worth about $821,000. Allspring Global Investments Holdings LLC boosted its position in shares of CubeSmart by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust’s stock worth $212,886,000 after buying an additional 72,513 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of CubeSmart by 4,739.3% in the first quarter. GAMMA Investing LLC now owns 93,108 shares of the real estate investment trust’s stock worth $3,977,000 after buying an additional 91,184 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CUBE. Barclays decreased their target price on CubeSmart from $48.00 to $45.00 and set an “equal weight” rating for the company in a research report on Friday, August 8th. BNP Paribas Exane began coverage on CubeSmart in a research report on Tuesday, June 24th. They issued a “neutral” rating and a $46.00 target price for the company. Evercore ISI decreased their target price on CubeSmart from $48.00 to $47.00 and set an “in-line” rating for the company in a research report on Monday, August 4th. Royal Bank Of Canada decreased their target price on CubeSmart from $48.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, August 4th. Finally, BMO Capital Markets raised CubeSmart from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $48.00 to $49.00 in a research report on Friday, June 20th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.93.

CubeSmart Trading Up 1.7%

Shares of NYSE CUBE opened at $39.52 on Thursday. The stock’s 50 day moving average price is $41.74 and its two-hundred day moving average price is $41.48. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The stock has a market capitalization of $9.01 billion, a P/E ratio of 24.10, a PEG ratio of 8.65 and a beta of 0.94. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The firm had revenue of $282.30 million for the quarter, compared to analysts’ expectations of $275.71 million. During the same quarter in the prior year, the firm posted $0.64 earnings per share. CubeSmart’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a $0.52 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.3%. CubeSmart’s dividend payout ratio is presently 126.83%.

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.