Franklin Resources Inc. Boosts Stake in CubeSmart (NYSE:CUBE)

Franklin Resources Inc. grew its stake in CubeSmart (NYSE:CUBE) by 13.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 319,316 shares of the real estate investment trust’s stock after acquiring an additional 36,919 shares during the quarter. Franklin Resources Inc. owned about 0.14% of CubeSmart worth $15,950,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in CubeSmart by 326.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after purchasing an additional 1,282,995 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after buying an additional 624,661 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of CubeSmart by 12.5% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after buying an additional 303,347 shares during the last quarter. Sei Investments Co. raised its stake in shares of CubeSmart by 38.2% during the 2nd quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock worth $34,427,000 after acquiring an additional 210,871 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in CubeSmart by 46.6% during the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after acquiring an additional 173,683 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Evercore ISI upped their price target on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Royal Bank of Canada reduced their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Scotiabank dropped their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Barclays cut their price objective 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. Finally, Jefferies Financial Group lifted their target price on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $51.36.

CubeSmart Stock Performance

CUBE opened at $42.66 on Friday. 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 has a 12-month low of $39.80 and a 12-month high of $55.14. The firm has a 50 day moving average of $48.17 and a two-hundred day moving average of $48.43. The firm has a market capitalization of $9.65 billion, a PE ratio of 24.10, a P/E/G ratio of 13.00 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The business had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.68 EPS. On average, analysts anticipate that CubeSmart will post 2.63 EPS for the current year.

CubeSmart Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.88%. The ex-dividend date of this dividend is Thursday, January 2nd. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s payout ratio is 117.51%.

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.