Mutual of America Capital Management LLC Sells 3,067 Shares of CubeSmart (NYSE:CUBE)

Mutual of America Capital Management LLC lessened its position in CubeSmart (NYSE:CUBE) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 116,397 shares of the real estate investment trust’s stock after selling 3,067 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of CubeSmart worth $4,971,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Wells Fargo & Company MN increased its position in shares of CubeSmart by 2.5% during the fourth quarter. Wells Fargo & Company MN now owns 192,080 shares of the real estate investment trust’s stock worth $8,231,000 after acquiring an additional 4,659 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of CubeSmart during the fourth quarter worth $300,000. Quadrant Capital Group LLC increased its position in shares of CubeSmart by 77.7% during the fourth quarter. Quadrant Capital Group LLC now owns 2,395 shares of the real estate investment trust’s stock worth $103,000 after acquiring an additional 1,047 shares in the last quarter. Bank of Montreal Can increased its position in shares of CubeSmart by 19.7% during the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock worth $3,021,000 after acquiring an additional 11,608 shares in the last quarter. Finally, FIL Ltd increased its position in shares of CubeSmart by 147.1% during the fourth quarter. FIL Ltd now owns 33,605 shares of the real estate investment trust’s stock worth $1,440,000 after acquiring an additional 20,007 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE opened at $38.85 on Friday. The firm has a 50-day moving average of $41.97 and a 200-day moving average of $41.52. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.07 and a current ratio of 0.06. The stock has a market cap of $8.86 billion, a PE ratio of 23.69, a P/E/G ratio of 7.26 and a beta of 0.94. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $282.30 million during the quarter, compared to analysts’ expectations of $275.71 million. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. CubeSmart’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 EPS. On average, sell-side analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Wednesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is currently 126.83%.

Analysts Set New Price Targets

CUBE has been the subject of several research reports. Bank of America raised shares of CubeSmart from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Scotiabank raised their target price on shares of CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Monday, May 12th. BNP Paribas Exane started coverage on shares of CubeSmart in a research report on Tuesday, June 24th. They issued a “neutral” rating and a $46.00 target price for the company. Royal Bank Of Canada decreased their target price on shares of CubeSmart from $48.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, August 4th. Finally, BNP Paribas upgraded shares of CubeSmart to a “hold” rating in a research note on Tuesday, June 24th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price 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.