CubeSmart $CUBE Shares Acquired by Duff & Phelps Investment Management Co.

Key Points

• Duff & Phelps Investment Management Co. raised its CubeSmart stake 5.4% in Q3, adding 120,450 shares to hold 2,339,974 shares (≈1.03% of the company) valued at about $95.14 million.
• CubeSmart declared a quarterly dividend of $0.53 per share (annualized $2.12), a 5.5% yield, but with a high payout ratio of 146.21%.

Duff & Phelps Investment Management Co. increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 5.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,339,974 shares of the real estate investment trust's stock after purchasing an additional 120,450 shares during the quarter. Duff & Phelps Investment Management Co. owned approximately 1.03% of CubeSmart worth $95,143,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in CubeSmart during the second quarter worth approximately $458,008,000. JPMorgan Chase & Co. boosted its holdings in shares of CubeSmart by 1.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,340,869 shares of the real estate investment trust's stock valued at $217,162,000 after buying an additional 91,694 shares in the last quarter. Invesco Ltd. grew its position in shares of CubeSmart by 0.8% in the 2nd quarter. Invesco Ltd. now owns 3,239,474 shares of the real estate investment trust's stock valued at $137,678,000 after buying an additional 25,994 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of CubeSmart by 1.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,227,559 shares of the real estate investment trust's stock valued at $137,171,000 after buying an additional 44,288 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in CubeSmart by 4.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,813,777 shares of the real estate investment trust's stock worth $73,748,000 after acquiring an additional 75,855 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Stock Down 3.1%

CUBE stock opened at $38.72 on Thursday. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 26.71 and a beta of 1.10. The company has a fifty day moving average price of $38.65 and a 200 day moving average price of $38.72. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.04 and a quick ratio of 0.04. CubeSmart has a 12 month low of $34.24 and a 12 month high of $44.13.

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 paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $2.12 annualized dividend and a yield of 5.5%. CubeSmart's dividend payout ratio is currently 146.21%.

Analysts Set New Price Targets

CUBE has been the subject of a number of research reports. Wall Street Zen cut shares of CubeSmart from a "hold" rating to a "sell" rating in a research report on Sunday, March 1st. Royal Bank Of Canada raised their price objective on CubeSmart from $43.00 to $46.00 and gave the stock an "outperform" rating in a report on Monday, March 2nd. Wolfe Research cut CubeSmart from an "outperform" rating to a "peer perform" rating in a research report on Monday, January 26th. Barclays boosted their target price on CubeSmart from $43.00 to $45.00 and gave the company an "equal weight" rating in a report on Thursday, March 5th. Finally, UBS Group dropped their price target on CubeSmart from $38.00 to $37.00 and set a "neutral" rating on the stock in a research note on Thursday, January 8th. Five analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $44.07.

Insiders Place Their Bets

In other news, insider Jeffrey P. Foster sold 23,148 shares of the business'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 value of $949,530.96. Following the transaction, the insider owned 205,057 shares of the company's stock, valued at approximately $8,411,438.14. The trade was a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.69% of the company's stock.

CubeSmart 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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