Man Group plc Sells 296 Shares of CubeSmart (NYSE:CUBE)

Man Group plc lessened its holdings in CubeSmart (NYSE:CUBE) by 2.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,420 shares of the real estate investment trust’s stock after selling 296 shares during the quarter. Man Group plc’s holdings in CubeSmart were worth $446,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CUBE. Blue Trust Inc. grew its stake in shares of 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 buying an additional 289 shares in the last quarter. Jones Financial Companies Lllp lifted its stake 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 acquiring an additional 389 shares during the last quarter. SRS Capital Advisors Inc. grew its position in shares of CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 559 shares during the period. Huntington National Bank increased its stake in shares of CubeSmart by 307.0% during the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 915 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in CubeSmart in the 4th quarter valued at about $58,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Trading Down 0.0%

CUBE stock opened at $41.26 on Tuesday. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a market capitalization of $9.41 billion, a PE ratio of 23.31, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The company’s 50-day simple moving average is $40.66 and its 200 day simple moving average is $42.66. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last posted 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. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date is Tuesday, July 1st. CubeSmart’s dividend payout ratio is currently 123.08%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CUBE. Evercore ISI boosted their price target on CubeSmart from $44.00 to $47.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Mizuho initiated coverage on CubeSmart in a research note on Wednesday, April 9th. They set a “neutral” rating and a $39.00 target price for the company. Truist Financial raised their price target on CubeSmart from $47.00 to $48.00 and gave the company a “buy” rating in a report on Monday, May 19th. Bank of America raised shares of 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 research report on Tuesday, May 13th. Finally, Royal Bank of Canada decreased their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $47.07.

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.