Duff & Phelps Investment Management Co. Reduces Position in CubeSmart (NYSE:CUBE)

Duff & Phelps Investment Management Co. lessened its stake in CubeSmart (NYSE:CUBE) by 0.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 2,182,425 shares of the real estate investment trust’s stock after selling 18,704 shares during the period. Duff & Phelps Investment Management Co.’s holdings in CubeSmart were worth $93,517,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of CUBE. New Age Alpha Advisors LLC purchased a new stake in CubeSmart during the fourth quarter worth $7,152,000. Norges Bank purchased a new stake in shares of CubeSmart in the fourth quarter valued at $408,064,000. JPMorgan Chase & Co. increased its position in CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after purchasing an additional 352,754 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in CubeSmart by 2.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 149,679 shares of the real estate investment trust’s stock worth $6,334,000 after acquiring an additional 4,076 shares during the period. Finally, Prudential Financial Inc. lifted its position in CubeSmart by 380.8% during the fourth quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust’s stock worth $29,562,000 after buying an additional 546,387 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Up 0.4 %

CubeSmart stock opened at $41.64 on Friday. The company has a market capitalization of $9.49 billion, a P/E ratio of 23.52, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The firm’s fifty day simple moving average is $41.87 and its 200-day simple moving average is $45.90. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last announced its quarterly 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. The company had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.00%. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

Analyst Ratings Changes

A number of research firms have issued reports on CUBE. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and cut their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Royal Bank of Canada reduced their price objective 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. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $48.00.

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.