Y Intercept Hong Kong Ltd Sells 34,059 Shares of CubeSmart (NYSE:CUBE)

Y Intercept Hong Kong Ltd lessened its position in shares of CubeSmart (NYSE:CUBE) by 84.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,493 shares of the real estate investment trust’s stock after selling 34,059 shares during the period. Y Intercept Hong Kong Ltd’s holdings in CubeSmart were worth $350,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of CubeSmart by 326.3% in 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 valued at $90,229,000 after purchasing an additional 1,282,995 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of CubeSmart by 14.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after buying an additional 624,661 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after buying an additional 303,347 shares in the last quarter. Sei Investments Co. raised its position in CubeSmart by 38.2% in the second quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock valued at $34,427,000 after purchasing an additional 210,871 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in CubeSmart by 46.6% during the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock worth $29,406,000 after buying an additional 173,683 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Down 0.8 %

CUBE opened at $45.54 on Wednesday. The company has a fifty day moving average price of $48.47 and a two-hundred day moving average price of $48.51. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a market cap of $10.30 billion, a P/E ratio of 25.73, a price-to-earnings-growth ratio of 13.00 and a beta of 0.84. 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 issued its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. CubeSmart’s revenue for the quarter was up 1.1% on a year-over-year basis. Analysts predict that CubeSmart will post 2.63 EPS for the current fiscal year.

CubeSmart Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be given a $0.52 dividend. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, January 2nd. This represents a $2.08 annualized dividend and a yield of 4.57%. CubeSmart’s dividend payout ratio (DPR) is presently 117.51%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CUBE. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Evercore ISI increased their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Jefferies Financial Group lifted their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Scotiabank decreased their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Finally, Royal Bank of Canada dropped their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $51.36.

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.