Citigroup Inc. Has $4.40 Million Stock Position in CubeSmart (NYSE:CUBE)

Citigroup Inc. decreased its stake in CubeSmart (NYSE:CUBE – Get Rating) by 22.1% in the fourth quarter, HoldingsChannel reports. The firm owned 109,256 shares of the real estate investment trust’s stock after selling 31,037 shares during the period. Citigroup Inc.’s holdings in CubeSmart were worth $4,398,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CUBE. Vanguard Group Inc. lifted its stake in CubeSmart by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 32,178,558 shares of the real estate investment trust’s stock worth $1,674,250,000 after acquiring an additional 1,515,436 shares in the last quarter. State Street Corp lifted its holdings in shares of CubeSmart by 17.8% during the 1st quarter. State Street Corp now owns 9,546,060 shares of the real estate investment trust’s stock valued at $500,702,000 after buying an additional 1,440,138 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of CubeSmart by 12.7% during the 3rd quarter. Alliancebernstein L.P. now owns 4,368,206 shares of the real estate investment trust’s stock valued at $174,990,000 after buying an additional 491,598 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of CubeSmart by 96.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,484,402 shares of the real estate investment trust’s stock valued at $148,854,000 after buying an additional 1,711,731 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of CubeSmart by 1.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,071,722 shares of the real estate investment trust’s stock valued at $123,051,000 after buying an additional 42,144 shares during the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CUBE shares. Wolfe Research lowered CubeSmart from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 12th. StockNews.com started coverage on CubeSmart in a report on Thursday. They set a “hold” rating for the company. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $54.00 to $52.00 in a report on Thursday, April 20th. Raymond James lowered CubeSmart from a “strong-buy” rating to an “outperform” rating and set a $55.00 target price for the company. in a report on Tuesday, April 4th. Finally, Truist Financial boosted their target price on CubeSmart from $46.00 to $47.00 and gave the stock a “hold” rating in a report on Wednesday, March 8th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and an average target price of $48.71.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $44.91 on Friday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 1.06. The business’s 50 day moving average is $46.00 and its two-hundred day moving average is $43.87. The company has a market cap of $10.09 billion, a P/E ratio of 28.97, a P/E/G ratio of 3.88 and a beta of 0.58. CubeSmart has a 12 month low of $36.82 and a 12 month high of $51.08.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Monday, July 3rd will be given a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, June 30th. CubeSmart’s dividend payout ratio is currently 126.45%.

Insiders Place Their Bets

In other CubeSmart news, CFO Timothy M. Martin sold 42,537 shares of CubeSmart stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $45.87, for a total value of $1,951,172.19. Following the transaction, the chief financial officer now directly owns 278,631 shares of the company’s stock, valued at approximately $12,780,803.97. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.45% of the company’s stock.

CubeSmart Profile

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CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.