American International Group Inc. Cuts Position in CubeSmart (NYSE:CUBE)

American International Group Inc. decreased its stake in CubeSmart (NYSE:CUBE) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 297,640 shares of the real estate investment trust’s stock after selling 6,085 shares during the quarter. American International Group Inc.’s holdings in CubeSmart were worth $13,459,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Albion Financial Group UT boosted its holdings in shares of CubeSmart by 0.3% in the 4th quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust’s stock worth $3,685,000 after purchasing an additional 254 shares during the period. Coldstream Capital Management Inc. lifted its stake in shares of CubeSmart by 0.8% during the 4th quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust’s stock worth $1,599,000 after acquiring an additional 266 shares during the last quarter. Covestor Ltd lifted its stake in shares of CubeSmart by 11.8% during the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 278 shares during the last quarter. Signaturefd LLC lifted its stake in shares of CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 292 shares during the last quarter. Finally, HHM Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 359 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company raised their price target on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Evercore ISI lifted their target price on CubeSmart from $44.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Raymond James lifted their target price on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Finally, Barclays initiated coverage on CubeSmart in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average price target of $46.18.

CubeSmart Stock Performance

Shares of CUBE traded up $0.46 during mid-day trading on Thursday, reaching $47.55. The company had a trading volume of 622,497 shares, compared to its average volume of 1,366,889. CubeSmart has a 52-week low of $33.17 and a 52-week high of $49.58. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $10.70 billion, a P/E ratio of 26.17, a PEG ratio of 8.39 and a beta of 0.80. The stock has a 50 day moving average of $44.48 and a two-hundred day moving average of $43.97.

CubeSmart (NYSE:CUBE) last released its quarterly 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). The business had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. On average, analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.29%. CubeSmart’s payout ratio is currently 113.33%.

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.