Mirae Asset Global Investments Co. Ltd. Sells 2,448 Shares of CubeSmart (NYSE:CUBE)

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of CubeSmart (NYSE:CUBE) by 28.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,284 shares of the real estate investment trust’s stock after selling 2,448 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in CubeSmart were worth $268,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CUBE. 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 valued at $273,986,000 after acquiring an additional 624,661 shares during the period. Geode Capital Management LLC grew its holdings in CubeSmart by 1.1% during the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after purchasing an additional 50,340 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in CubeSmart by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after purchasing an additional 135,211 shares during the period. Duff & Phelps Investment Management Co. increased its position in CubeSmart by 2.0% during the third quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock worth $118,487,000 after buying an additional 42,994 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised 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 buying an additional 1,282,995 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Performance

Shares of CUBE stock opened at $42.00 on Friday. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The stock’s fifty day simple moving average is $42.64 and its 200 day simple moving average is $47.50. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $9.50 billion, a P/E ratio of 23.73, a P/E/G ratio of 11.67 and a beta of 0.87.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.52 per share. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 4.95%. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s payout ratio is 117.51%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CUBE shares. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and reduced their target price for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Barclays dropped their price target on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Royal Bank of Canada cut their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and cut their price target for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and cut their price objective for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $49.73.

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.