Diamond Hill Capital Management Inc. Has $90.61 Million Position in CubeSmart (NYSE:CUBE)

Diamond Hill Capital Management Inc. reduced its stake in CubeSmart (NYSE:CUBE) by 13.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,114,593 shares of the real estate investment trust’s stock after selling 324,666 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.94% of CubeSmart worth $90,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in CubeSmart by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after purchasing an additional 50,340 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC lifted its holdings in shares of CubeSmart by 6.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after buying an additional 191,862 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of CubeSmart by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust’s stock worth $133,894,000 after buying an additional 91,822 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in shares of CubeSmart by 2.0% during the third quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock worth $118,487,000 after buying an additional 42,994 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of CubeSmart by 326.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock worth $90,229,000 after buying an additional 1,282,995 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Trading Down 2.0 %

Shares of CUBE opened at $40.75 on Friday. 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 $39.48 and a 12-month high of $55.14. The firm has a market capitalization of $9.29 billion, a PE ratio of 23.02, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. The stock’s fifty day simple moving average is $41.75 and its 200-day simple moving average is $46.62.

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 return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. As a group, research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The company 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. This represents a $2.08 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CUBE shares. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and lowered their price objective for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Barclays lowered their price objective on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $48.00.

About CubeSmart

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.