Canada Pension Plan Investment Board purchased a new position in shares of CubeSmart (NYSE:CUBE – Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 589,000 shares of the real estate investment trust’s stock, valued at approximately $22,459,000. Canada Pension Plan Investment Board owned approximately 0.26% of CubeSmart as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently made changes to their positions in the business. M&T Bank Corp grew its holdings in shares of CubeSmart by 1.0% in the third quarter. M&T Bank Corp now owns 25,747 shares of the real estate investment trust’s stock worth $1,030,000 after purchasing an additional 257 shares during the last quarter. Gries Financial LLC grew its holdings in shares of CubeSmart by 0.6% in the second quarter. Gries Financial LLC now owns 43,588 shares of the real estate investment trust’s stock worth $1,947,000 after purchasing an additional 278 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of CubeSmart by 88.9% in the second quarter. Parallel Advisors LLC now owns 593 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 279 shares during the last quarter. Cooper Financial Group grew its holdings in shares of CubeSmart by 3.2% in the third quarter. Cooper Financial Group now owns 9,221 shares of the real estate investment trust’s stock worth $352,000 after purchasing an additional 284 shares during the last quarter. Finally, Vident Investment Advisory LLC grew its holdings in shares of CubeSmart by 3.7% in the fourth quarter. Vident Investment Advisory LLC now owns 8,209 shares of the real estate investment trust’s stock worth $330,000 after purchasing an additional 294 shares during the last quarter. 96.66% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on CUBE shares. Jefferies Financial Group upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and lifted their price target for the company from $38.00 to $53.00 in a report on Tuesday, January 2nd. Raymond James cut their price target on shares of CubeSmart from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, October 24th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a report on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price target on the stock. Truist Financial boosted their target price on shares of CubeSmart from $43.00 to $46.00 and gave the company a “hold” rating in a report on Thursday, December 28th. Finally, Evercore ISI cut shares of CubeSmart from an “outperform” rating to an “in-line” rating and boosted their target price for the company from $42.00 to $43.00 in a report on Monday, December 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $45.36.
CubeSmart Price Performance
Shares of NYSE:CUBE opened at $43.96 on Monday. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $48.93. The business has a 50-day simple moving average of $44.74 and a two-hundred day simple moving average of $41.13. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.04 and a current ratio of 0.04. The firm has a market cap of $9.88 billion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 2.95 and a beta of 0.70.
CubeSmart Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, December 29th. This is an increase from CubeSmart’s previous quarterly dividend of $0.49. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.64%. CubeSmart’s payout ratio is 122.16%.
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.
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