Barrow Hanley Mewhinney & Strauss LLC Sells 61,602 Shares of CubeSmart (NYSE:CUBE)

Barrow Hanley Mewhinney & Strauss LLC decreased its stake in shares of CubeSmart (NYSE:CUBE) by 2.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,574,729 shares of the real estate investment trust’s stock after selling 61,602 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC’s holdings in CubeSmart were worth $110,327,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CUBE. Howard Capital Management Group LLC bought a new position in CubeSmart during the third quarter valued at approximately $212,000. Citigroup Inc. grew its holdings in shares of CubeSmart by 28.3% in the third quarter. Citigroup Inc. now owns 116,903 shares of the real estate investment trust’s stock valued at $6,293,000 after purchasing an additional 25,756 shares in the last quarter. D.A. Davidson & CO. grew its holdings in shares of CubeSmart by 14.2% in the third quarter. D.A. Davidson & CO. now owns 12,581 shares of the real estate investment trust’s stock valued at $677,000 after purchasing an additional 1,561 shares in the last quarter. BNP Paribas Financial Markets increased its position in CubeSmart by 32.9% in the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock worth $8,531,000 after purchasing an additional 39,270 shares during the last quarter. Finally, Townsquare Capital LLC purchased a new stake in CubeSmart during the third quarter valued at $327,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CUBE has been the subject of several analyst reports. Wells Fargo & Company lowered their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Barclays dropped their price objective on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Royal Bank of Canada lowered their target price on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.00.

CubeSmart Price Performance

CubeSmart stock opened at $42.03 on Friday. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The company’s 50 day moving average is $41.88 and its two-hundred day moving average is $45.78. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market cap of $9.58 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. On average, research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

CubeSmart Company 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.