BNP Paribas Financial Markets Sells 26,234 Shares of CubeSmart (NYSE:CUBE)

BNP Paribas Financial Markets lessened its position in CubeSmart (NYSE:CUBE) by 16.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,238 shares of the real estate investment trust’s stock after selling 26,234 shares during the period. BNP Paribas Financial Markets owned about 0.06% of CubeSmart worth $5,666,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CUBE. Blue Trust Inc. boosted its position in CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 289 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of CubeSmart by 0.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock worth $2,280,000 after buying an additional 306 shares during the last quarter. Magnetar Financial LLC grew its stake in CubeSmart by 2.3% in the 4th quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust’s stock valued at $606,000 after buying an additional 320 shares during the last quarter. Mariner LLC grew its stake in CubeSmart by 2.5% in the 4th quarter. Mariner LLC now owns 13,653 shares of the real estate investment trust’s stock valued at $585,000 after buying an additional 328 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in CubeSmart by 5.1% in the 4th quarter. CIBC Asset Management Inc now owns 6,984 shares of the real estate investment trust’s stock valued at $299,000 after acquiring an additional 342 shares during the period. 97.61% of the stock is owned by institutional investors.

CubeSmart Stock Down 0.7%

Shares of NYSE CUBE opened at $42.65 on Wednesday. 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 company has a market cap of $9.72 billion, a P/E ratio of 24.10, a P/E/G ratio of 11.58 and a beta of 1.00. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The business has a 50-day simple moving average of $40.60 and a two-hundred day simple moving average of $43.05.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. The firm had revenue of $273.04 million for the quarter, compared to analysts’ expectations of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 earnings per share. Research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is currently 123.08%.

Analysts Set New Price Targets

CUBE has been the topic of several recent research reports. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $50.00 in a research report on Tuesday. Wells Fargo & Company decreased their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada dropped their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Finally, Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $47.00.

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.