Securian Asset Management Inc. Cuts Position in CubeSmart (NYSE:CUBE)

Securian Asset Management Inc. trimmed its holdings in shares of CubeSmart (NYSE:CUBE) by 2.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,096 shares of the real estate investment trust’s stock after selling 415 shares during the period. Securian Asset Management Inc.’s holdings in CubeSmart were worth $733,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in CubeSmart by 326.3% during the third 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 valued at $90,229,000 after buying an additional 1,282,995 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of CubeSmart during the fourth quarter valued at $21,278,000. SG Americas Securities LLC raised its position 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 purchasing an additional 484,049 shares during the last quarter. Presima Securities ULC boosted its stake in CubeSmart by 4,092.4% in the 4th quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock worth $19,042,000 after purchasing an additional 433,790 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its position 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 valued at $144,320,000 after purchasing an additional 191,862 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

CubeSmart Price Performance

NYSE CUBE opened at $41.72 on Monday. The company has a 50-day moving average price of $41.73 and a 200-day moving average price of $46.44. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $9.51 billion, a P/E ratio of 23.57, a PEG ratio of 11.58 and a beta of 0.88.

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

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 4.99%. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CUBE. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their target price for the stock from $46.00 to $45.00 in a report on Friday, January 10th. KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Barclays reduced their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, 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 report on Friday, February 21st. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $48.00.

About CubeSmart

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.