CubeSmart (NYSE:CUBE) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. decreased its position in CubeSmart (NYSE:CUBE) by 2.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 312,585 shares of the real estate investment trust’s stock after selling 6,731 shares during the quarter. Franklin Resources Inc.’s holdings in CubeSmart were worth $13,394,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Howard Capital Management Group LLC purchased a new position in shares of CubeSmart during the third quarter valued at approximately $212,000. Captrust Financial Advisors lifted its stake in shares of CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after purchasing an additional 248 shares during the period. HighTower Advisors LLC boosted its holdings in shares of CubeSmart by 0.8% during the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after purchasing an additional 243 shares during the last quarter. Quarry LP grew its position in shares of CubeSmart by 19.8% in the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock valued at $74,000 after purchasing an additional 227 shares during the period. Finally, Quantinno Capital Management LP increased its stake in CubeSmart by 15.1% in the third quarter. Quantinno Capital Management LP now owns 76,805 shares of the real estate investment trust’s stock valued at $4,134,000 after purchasing an additional 10,050 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Down 5.3 %

Shares of CUBE opened at $37.45 on Tuesday. CubeSmart has a 12 month low of $37.11 and a 12 month high of $55.14. The stock’s 50-day moving average is $41.80 and its two-hundred day moving average is $45.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market cap of $8.53 billion, a PE ratio of 21.16, a P/E/G ratio of 11.58 and a beta of 0.85.

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

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 5.55%. CubeSmart’s payout ratio is currently 120.93%.

Analysts Set New Price Targets

CUBE has been the topic of a number of research analyst reports. Barclays decreased their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Wells Fargo & Company lowered their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Royal Bank of Canada dropped their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $48.00.

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.