Y Intercept Hong Kong Ltd Sells 34,059 Shares of CubeSmart (NYSE:CUBE)

Y Intercept Hong Kong Ltd decreased its position in CubeSmart (NYSE:CUBE) by 84.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,493 shares of the real estate investment trust’s stock after selling 34,059 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in CubeSmart were worth $350,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CUBE. Whittier Trust Co. increased its position in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares during the last quarter. UMB Bank n.a. grew its stake in CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 444 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in shares of CubeSmart during the 2nd quarter valued at $33,000. Peterson Financial Group Inc. bought a new stake in shares of CubeSmart during the 3rd quarter worth $33,000. Finally, Quarry LP boosted its holdings in shares of CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 757 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

CUBE stock opened at $45.54 on Wednesday. The firm has a 50 day moving average of $48.47 and a 200-day moving average of $48.51. The firm has a market capitalization of $10.30 billion, a P/E ratio of 25.73, a price-to-earnings-growth ratio of 13.00 and a beta of 0.84. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. 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, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). The firm had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.68 earnings per share. As a group, sell-side analysts predict that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd will be issued a $0.52 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.08 annualized dividend and a dividend yield of 4.57%. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s dividend payout ratio (DPR) is presently 117.51%.

Analysts Set New Price Targets

CUBE has been the subject of a number of research analyst reports. Scotiabank decreased their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Barclays lowered their price target on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Royal Bank of Canada lowered their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Finally, Wells Fargo & Company increased their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $51.36.

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.