Allspring Global Investments Holdings LLC Sells 5,044,722 Shares of CubeSmart $CUBE

Key Points

• Allspring Global Investments Holdings LLC cut its position in CubeSmart by 99.6%, selling 5,044,722 shares in Q4 and leaving it with 22,209 shares worth $786,000.
• Insider Jeffrey P. Foster sold 23,148 shares at an average price of $41.02 for about $949,531, reducing his stake by 10.14%; institutional investors own 97.61% of the company while insiders hold 1.69%.
• CubeSmart declared a quarterly dividend of $0.53 (annualized $2.12) for a 5.5% yield despite a 146.21% payout ratio, and analysts’ consensus rating is "Hold" with an average price target of $43.64.

Allspring Global Investments Holdings LLC cut its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 99.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,209 shares of the real estate investment trust's stock after selling 5,044,722 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in CubeSmart were worth $786,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Wiser Advisor Group LLC purchased a new position in shares of CubeSmart in the third quarter worth $28,000. Private Trust Co. NA raised its stake in shares of CubeSmart by 209.6% in the third quarter. Private Trust Co. NA now owns 706 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 478 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of CubeSmart by 174.8% in the second quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust's stock worth $38,000 after purchasing an additional 568 shares during the last quarter. Huntington National Bank grew its holdings in shares of CubeSmart by 43.3% in the third quarter. Huntington National Bank now owns 977 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 295 shares during the period. Finally, SJS Investment Consulting Inc. bought a new stake in shares of CubeSmart in the third quarter worth $42,000. Hedge funds and other institutional investors own 97.61% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wolfe Research lowered CubeSmart from an "outperform" rating to a "peer perform" rating in a report on Monday, January 26th. Royal Bank Of Canada boosted their price target on CubeSmart from $43.00 to $46.00 and gave the company an "outperform" rating in a report on Monday, March 2nd. Barclays boosted their price target on CubeSmart from $43.00 to $45.00 and gave the company an "equal weight" rating in a report on Thursday, March 5th. Wells Fargo & Company cut their price target on CubeSmart from $44.00 to $40.00 and set an "equal weight" rating for the company in a report on Thursday, February 5th. Finally, Truist Financial cut their price target on CubeSmart from $48.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, December 16th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $43.64.

Insider Transactions at CubeSmart

In other CubeSmart news, insider Jeffrey P. Foster sold 23,148 shares of the company's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $41.02, for a total transaction of $949,530.96. Following the sale, the insider directly owned 205,057 shares in the company, valued at $8,411,438.14. This represents a 10.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.69% of the stock is currently owned by company insiders.

CubeSmart Price Performance

NYSE:CUBE opened at $38.87 on Friday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $8.86 billion, a P/E ratio of 26.80 and a beta of 1.13. CubeSmart has a 12 month low of $35.09 and a 12 month high of $44.13. The business's 50-day moving average is $38.54 and its 200 day moving average is $38.22.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be given a dividend of $0.53 per share. The ex-dividend date is Wednesday, April 1st. This represents a $2.12 dividend on an annualized basis and a yield of 5.5%. CubeSmart's dividend payout ratio is 146.21%.

CubeSmart Company Profile

CubeSmart NYSE: CUBE is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company's portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart's facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.

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