Amalgamated Bank Sells 4,603 Shares of CubeSmart (NYSE:CUBE)

Amalgamated Bank lowered its position in shares of CubeSmart (NYSE:CUBE) by 3.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 142,714 shares of the real estate investment trust’s stock after selling 4,603 shares during the period. Amalgamated Bank owned about 0.06% of CubeSmart worth $6,615,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Natixis Advisors L.P. grew its stake in shares of CubeSmart by 35.0% in the fourth quarter. Natixis Advisors L.P. now owns 79,993 shares of the real estate investment trust’s stock worth $3,707,000 after purchasing an additional 20,729 shares during the last quarter. New York Life Investment Management LLC acquired a new position in shares of CubeSmart in the fourth quarter worth approximately $1,180,000. Victory Capital Management Inc. boosted its holdings in CubeSmart by 348.9% in the fourth quarter. Victory Capital Management Inc. now owns 177,810 shares of the real estate investment trust’s stock valued at $8,241,000 after acquiring an additional 138,202 shares during the last quarter. Van ECK Associates Corp increased its position in CubeSmart by 14.4% during the 4th quarter. Van ECK Associates Corp now owns 84,635 shares of the real estate investment trust’s stock valued at $3,923,000 after purchasing an additional 10,671 shares during the period. Finally, HHM Wealth Advisors LLC raised its holdings in CubeSmart by 53.1% during the 4th quarter. HHM Wealth Advisors LLC now owns 1,035 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 359 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Trading Up 0.7 %

CUBE opened at $41.75 on Monday. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81. The firm has a market capitalization of $9.39 billion, a PE ratio of 23.19 and a beta of 0.72. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The company’s 50-day moving average is $43.46 and its 200 day moving average is $42.44.

CubeSmart (NYSE:CUBE) last posted its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The company had revenue of $261.41 million during the quarter, compared to the consensus estimate of $253.91 million. During the same quarter in the prior year, the business earned $0.65 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, research analysts predict that CubeSmart will post 2.65 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a $0.51 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 4.89%. CubeSmart’s dividend payout ratio is currently 113.33%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CUBE shares. Wells Fargo & Company lifted their target price on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Barclays started coverage on CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of CubeSmart in a research report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective for the company. Raymond James reiterated an “outperform” rating and issued a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Finally, Evercore ISI increased their target price on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, CubeSmart currently has a consensus rating of “Hold” and an average target price of $46.33.

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.