CubeSmart $CUBE Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group increased its stake in CubeSmart by 6.2% in Q4, holding 1,168,457 shares (about 0.51% of the company) valued at roughly $42.1 million.
• CubeSmart paid a quarterly dividend of $0.53 (annualized $2.12), equating to a 5.4% yield
• Analysts have a consensus rating of "Hold" with an average price target of $43.64 versus the recent share price around $38.94, implying limited near-term upside.

Sumitomo Mitsui Trust Group Inc. grew its stake in CubeSmart (NYSE:CUBE - Free Report) by 6.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,168,457 shares of the real estate investment trust's stock after purchasing an additional 68,165 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.51% of CubeSmart worth $42,123,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wiser Advisor Group LLC acquired a new stake in shares of CubeSmart in the third quarter valued at about $28,000. Private Trust Co. NA grew its position 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 valued at $29,000 after purchasing an additional 478 shares during the period. Geneos Wealth Management Inc. grew its position 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 valued at $38,000 after purchasing an additional 568 shares during the period. Huntington National Bank grew its position 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 valued at $40,000 after purchasing an additional 295 shares during the period. Finally, SJS Investment Consulting Inc. acquired a new stake in shares of CubeSmart in the third quarter valued at about $42,000. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Stock Performance

CUBE opened at $38.94 on Thursday. The firm has a market capitalization of $8.88 billion, a PE ratio of 26.85 and a beta of 1.13. CubeSmart has a twelve month low of $35.09 and a twelve month high of $44.13. The firm's 50-day moving average price is $38.62 and its 200 day moving average price is $38.19. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.24.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $2.12 dividend on an annualized basis and a yield of 5.4%. CubeSmart's payout ratio is 146.21%.

Insider Buying and Selling

In other CubeSmart news, insider Jeffrey P. Foster sold 23,148 shares of CubeSmart stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $41.02, for a total transaction of $949,530.96. Following the transaction, the insider directly owned 205,057 shares of the company's stock, valued at $8,411,438.14. The trade was a 10.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.69% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CUBE. Royal Bank Of Canada lifted their target price on shares of CubeSmart from $43.00 to $46.00 and gave the company an "outperform" rating in a research report on Monday, March 2nd. UBS Group lowered their price target on shares of CubeSmart from $38.00 to $37.00 and set a "neutral" rating on the stock in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft lowered shares of CubeSmart from a "buy" rating to a "hold" rating and set a $40.00 price target on the stock. in a research report on Tuesday, January 20th. Scotiabank upgraded shares of CubeSmart to a "hold" rating in a research report on Thursday, March 19th. Finally, Wells Fargo & Company lowered their price target on shares of CubeSmart from $44.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 5th. Six 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 presently has a consensus rating of "Hold" and an average price target of $43.64.

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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