Cornercap Investment Counsel Inc. Cuts Stake in CubeSmart (NYSE:CUBE)

Cornercap Investment Counsel Inc. lessened its holdings in 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 firm owned 14,623 shares of the real estate investment trust’s stock after selling 586 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in CubeSmart were worth $627,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CUBE. Versant Capital Management Inc grew its stake in shares of CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 673 shares during the last quarter. Blue Trust Inc. grew its position in CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 289 shares during the last quarter. Jones Financial Companies Lllp lifted its position in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 389 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of CubeSmart by 310.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 559 shares during the period. Finally, UMB Bank n.a. boosted its stake in shares of CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 351 shares during the period. 97.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Royal Bank of Canada reduced their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their price objective for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.00.

CubeSmart Stock Up 1.0 %

Shares of NYSE:CUBE opened at $42.03 on Friday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a fifty day simple moving average of $41.88 and a two-hundred day simple moving average of $45.78. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The stock has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. On average, research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.95%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is currently 120.93%.

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.