Corebridge Financial Inc. Sells 10,416 Shares of CubeSmart (NYSE:CUBE)

Corebridge Financial Inc. lessened its stake in shares of CubeSmart (NYSE:CUBE) by 3.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 255,881 shares of the real estate investment trust’s stock after selling 10,416 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of CubeSmart worth $10,965,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Quarry LP boosted its holdings in CubeSmart by 19.8% in the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 227 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of CubeSmart by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after buying an additional 243 shares during the last quarter. Captrust Financial Advisors increased its position in CubeSmart by 4.5% during the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock valued at $309,000 after acquiring an additional 248 shares during the last quarter. Blue Trust Inc. increased 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 valued at $29,000 after acquiring an additional 289 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in CubeSmart by 0.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock valued at $2,280,000 after acquiring an additional 306 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Trading Up 1.0 %

CubeSmart stock opened at $41.47 on Thursday. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The firm’s 50 day moving average price is $41.87 and its 200-day moving average price is $45.93. 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 stock has a market cap of $9.45 billion, a P/E ratio of 23.43, a PEG ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping 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. On average, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

Analyst Ratings Changes

CUBE has been the subject of several research reports. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price target for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Wells Fargo & Company cut their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Barclays decreased their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and cut their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $48.00.

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.