CubeSmart $CUBE Stake Lessened by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC lessened its holdings in CubeSmart (NYSE:CUBE) by 11.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 201,545 shares of the real estate investment trust’s stock after selling 26,916 shares during the period. Gateway Investment Advisers LLC owned about 0.09% of CubeSmart worth $8,195,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CUBE. Norges Bank purchased a new stake in CubeSmart in the 2nd quarter worth about $458,008,000. Allspring Global Investments Holdings LLC increased its holdings in shares of CubeSmart by 0.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 5,092,379 shares of the real estate investment trust’s stock valued at $216,986,000 after purchasing an additional 27,278 shares during the period. Invesco Ltd. lifted its position in shares of CubeSmart by 0.8% in the second quarter. Invesco Ltd. now owns 3,239,474 shares of the real estate investment trust’s stock worth $137,678,000 after purchasing an additional 25,994 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of CubeSmart by 1.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 3,227,559 shares of the real estate investment trust’s stock worth $137,171,000 after purchasing an additional 44,288 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of CubeSmart by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 2,222,338 shares of the real estate investment trust’s stock worth $94,449,000 after purchasing an additional 12,513 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Down 1.8%

CubeSmart stock opened at $35.40 on Monday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.22. CubeSmart has a 1-year low of $34.24 and a 1-year high of $44.13. The firm’s fifty day simple moving average is $36.79 and its 200-day simple moving average is $39.51. The company has a market capitalization of $8.07 billion, a P/E ratio of 22.69, a P/E/G ratio of 7.71 and a beta of 1.11.

CubeSmart (NYSE:CUBE) last posted its earnings results on Friday, October 31st. The real estate investment trust reported $0.65 EPS for the quarter, hitting the consensus estimate of $0.65. CubeSmart had a net margin of 33.31% and a return on equity of 12.49%. The firm had revenue of $285.08 million for the quarter, compared to the consensus estimate of $282.57 million. During the same period in the prior year, the business posted $0.67 earnings per share. The business’s quarterly revenue was up 5.2% on a year-over-year basis. Sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 16th. Shareholders of record on Friday, January 2nd will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, January 2nd. This is an increase from CubeSmart’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a yield of 6.0%. CubeSmart’s dividend payout ratio (DPR) is currently 135.90%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Truist Financial dropped their price objective on shares of CubeSmart from $48.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. Wall Street Zen cut shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Saturday. Royal Bank Of Canada reiterated an “outperform” rating on shares of CubeSmart in a report on Monday, December 8th. KeyCorp reissued a “sector weight” rating on shares of CubeSmart in a research report on Monday, November 10th. Finally, Evercore ISI lowered their target price on CubeSmart from $49.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, CubeSmart has an average rating of “Hold” and a consensus target price of $45.20.

About CubeSmart

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.