CubeSmart $CUBE Shares Purchased by Vestcor Inc

Key Points

• Vestcor Inc. raised its stake in CubeSmart by 281.8% in Q3, buying 40,331 shares to hold 54,642 shares valued at about $2.22 million, and institutional investors now own roughly 97.6% of the stock.
• CubeSmart announced a quarterly dividend of $0.53 per share (annualized $2.12), a ~5.5% yield with an ex-dividend date of April 1, but the payout ratio is a high 146.21%.
• Analysts have trimmed targets and the consensus rating is Hold (average target $44.07), while insider Jeffrey P. Foster sold 23,148 shares (a 10.14% reduction), leaving insiders with 1.69% ownership.

Vestcor Inc raised its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 281.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,642 shares of the real estate investment trust's stock after purchasing an additional 40,331 shares during the quarter. Vestcor Inc's holdings in CubeSmart were worth $2,222,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Private Trust Co. NA lifted its holdings 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 buying an additional 478 shares during the period. Geneos Wealth Management Inc. grew its holdings in CubeSmart by 174.8% during the second quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust's stock worth $38,000 after acquiring an additional 568 shares during the period. Huntington National Bank grew its holdings in CubeSmart by 43.3% during 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. SJS Investment Consulting Inc. bought a new stake in CubeSmart in the third quarter worth about $42,000. Finally, Avalon Trust Co bought a new stake in CubeSmart in the third quarter worth about $51,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

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

CubeSmart Dividend Announcement

The firm also recently announced 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. This represents a $2.12 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Wednesday, April 1st. CubeSmart's payout ratio is 146.21%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CUBE shares. Mizuho reduced their price objective on shares of CubeSmart from $43.00 to $38.00 and set a "neutral" rating for the company in a research report on Friday, December 5th. UBS Group dropped their target price on shares of CubeSmart from $38.00 to $37.00 and set a "neutral" rating on the stock in a 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 target price for the company. in a research note on Tuesday, January 20th. Wells Fargo & Company reduced their target price on shares of CubeSmart from $44.00 to $40.00 and set an "equal weight" rating for the company in a report on Thursday, February 5th. Finally, Wolfe Research lowered shares of CubeSmart from an "outperform" rating to a "peer perform" rating in a research report on Monday, January 26th. Five analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently 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 company's stock in a transaction dated 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 in the company, valued at $8,411,438.14. This represents a 10.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.69% of the stock is currently owned by company insiders.

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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