Ameriprise Financial Inc. Lowers Holdings in CubeSmart (NYSE:CUBE)

Ameriprise Financial Inc. lessened its stake in CubeSmart (NYSE:CUBE) by 16.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 348,543 shares of the real estate investment trust’s stock after selling 70,515 shares during the quarter. Ameriprise Financial Inc. owned 0.15% of CubeSmart worth $14,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Alyeska Investment Group L.P. increased its holdings in CubeSmart by 219.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust’s stock worth $110,323,000 after buying an additional 1,768,626 shares in the last quarter. Anson Funds Management LP bought a new stake in CubeSmart in the 4th quarter worth about $1,375,000. Mercer Global Advisors Inc. ADV increased its holdings in CubeSmart by 173.6% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 11,935 shares of the real estate investment trust’s stock worth $511,000 after buying an additional 7,573 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in CubeSmart in the 4th quarter worth about $181,000. Finally, AQR Capital Management LLC increased its holdings in CubeSmart by 101.6% in the 4th quarter. AQR Capital Management LLC now owns 127,499 shares of the real estate investment trust’s stock worth $5,435,000 after buying an additional 64,262 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 2.4%

Shares of NYSE:CUBE opened at $43.67 on Friday. The stock has a 50 day moving average of $40.62 and a 200 day moving average of $42.94. The company has a market cap of $9.96 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS. As a group, equities research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.76%. CubeSmart’s dividend payout ratio is presently 123.08%.

Analyst Ratings Changes

Several research firms recently commented on CUBE. Barclays reduced their price objective on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating for the company in a report on Friday. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Evercore ISI lifted their price objective on CubeSmart from $44.00 to $47.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $44.00 to $50.00 in a report on Tuesday, May 13th. Finally, Royal Bank of Canada cut their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and an average price target of $46.93.

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.