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

New York Life Investment Management LLC cut its holdings in CubeSmart (NYSE:CUBE) by 7.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 23,773 shares of the real estate investment trust’s stock after selling 2,032 shares during the period. New York Life Investment Management LLC’s holdings in CubeSmart were worth $1,019,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc boosted its stake in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 673 shares during the last quarter. Blue Trust Inc. boosted 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 last quarter. Peterson Financial Group Inc. bought a new position in CubeSmart in the third quarter valued at approximately $33,000. UMB Bank n.a. boosted its position 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 worth $40,000 after purchasing an additional 351 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of CubeSmart during the third quarter worth $59,000. 97.61% of the stock is owned by institutional investors.

CubeSmart Trading Up 2.1 %

Shares of NYSE:CUBE opened at $42.13 on Tuesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The company’s fifty day simple moving average is $41.84 and its 200 day simple moving average is $46.97. The firm has a market cap of $9.53 billion, a price-to-earnings ratio of 23.80, a PEG ratio of 11.58 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (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 firm had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. As a group, research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a yield of 4.94%. CubeSmart’s payout ratio is currently 120.93%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CUBE shares. Scotiabank reduced their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. 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. Finally, Wells Fargo & Company reduced 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 report on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, CubeSmart has an average rating of “Hold” and an average price target of $48.73.

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.