New York Life Investment Management LLC Sells 2,032 Shares of CubeSmart (NYSE:CUBE)

New York Life Investment Management LLC decreased its stake in shares of CubeSmart (NYSE:CUBE) by 7.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 23,773 shares of the real estate investment trust’s stock after selling 2,032 shares during the quarter. New York Life Investment Management LLC’s holdings in CubeSmart were worth $1,019,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CUBE. Versant Capital Management Inc increased its holdings in shares of CubeSmart by 9,614.3% during the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 673 shares during the period. Blue Trust Inc. increased its stake in CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 289 shares during the period. Peterson Financial Group Inc. bought a new stake in CubeSmart in the third quarter valued at about $33,000. UMB Bank n.a. increased its stake in CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 351 shares during the period. Finally, Brooklyn Investment Group bought a new stake in CubeSmart in the third quarter valued at about $59,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

CUBE opened at $42.13 on Tuesday. CubeSmart has a one year low of $39.80 and a one year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company’s 50 day simple moving average is $41.84 and its 200-day simple moving average is $46.97. The stock has a market capitalization of $9.53 billion, a P/E ratio of 23.80, a price-to-earnings-growth ratio of 11.58 and a beta of 0.87.

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

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.94%. CubeSmart’s dividend payout ratio (DPR) is currently 120.93%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CUBE. Barclays lowered their target price on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their target price for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their target price for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Royal Bank of Canada lowered their target price on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $48.73.

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.