OLD National Bancorp IN Decreases Stake in CubeSmart $CUBE

Key Points

• OLD National Bancorp IN cut its stake in CubeSmart by 75.4% in Q4, selling 90,732 shares and leaving it with 29,617 shares worth $1.068 million.
• Insider Jeffrey P. Foster sold 23,148 shares on March 3 at an average $41.02 (≈$949,531), a 10.14% reduction in his holdings; insiders now own 1.76% of the company while institutions hold 97.61%.
• CubeSmart pays a quarterly dividend of $0.53 ($2.12 annual, a 5.4% yield) with a high payout ratio of 146.21%, and the stock carries a market cap of $9.02B, a PE of 27.3, and a consensus Wall Street rating of Hold (target $43.57).

OLD National Bancorp IN lowered its position in CubeSmart (NYSE:CUBE - Free Report) by 75.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 29,617 shares of the real estate investment trust's stock after selling 90,732 shares during the quarter. OLD National Bancorp IN's holdings in CubeSmart were worth $1,068,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Cetera Investment Advisers increased its holdings in CubeSmart by 1.6% in the 2nd quarter. Cetera Investment Advisers now owns 17,212 shares of the real estate investment trust's stock worth $731,000 after acquiring an additional 265 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in CubeSmart by 1.8% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 16,357 shares of the real estate investment trust's stock worth $665,000 after acquiring an additional 282 shares during the last quarter. Huntington National Bank increased its holdings in CubeSmart by 43.3% in the 3rd 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 last quarter. Pacific Sun Financial Corp increased its holdings in CubeSmart by 6.6% in the 3rd quarter. Pacific Sun Financial Corp now owns 5,022 shares of the real estate investment trust's stock worth $204,000 after acquiring an additional 310 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in CubeSmart by 4.5% in the 3rd quarter. TD Private Client Wealth LLC now owns 8,337 shares of the real estate investment trust's stock worth $339,000 after acquiring an additional 358 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

Insider Activity at CubeSmart

In other news, insider Jeffrey P. Foster sold 23,148 shares of the business's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $41.02, for a total transaction of $949,530.96. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.76% of the company's stock.

CubeSmart Stock Down 0.5%

CUBE stock opened at $39.59 on Friday. 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 firm has a market capitalization of $9.02 billion, a PE ratio of 27.30 and a beta of 1.13. CubeSmart has a twelve month low of $35.09 and a twelve month high of $44.13. The stock has a 50-day simple moving average of $38.77 and a two-hundred day simple moving average of $38.16.

CubeSmart Dividend Announcement

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

Wall Street Analyst Weigh In

CUBE has been the subject of a number of recent analyst reports. Wall Street Zen lowered CubeSmart from a "hold" rating to a "sell" rating in a report on Sunday, March 1st. BNP Paribas Exane raised CubeSmart from a "neutral" rating to an "outperform" rating and set a $43.00 target price for the company in a report on Wednesday, March 18th. Scotiabank raised CubeSmart to a "hold" rating in a report on Thursday, March 19th. Royal Bank Of Canada lifted their target price on CubeSmart from $43.00 to $46.00 and gave the company an "outperform" rating in a report on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered CubeSmart from a "buy" rating to a "hold" rating and set a $40.00 target price for the company. in a report on Tuesday, January 20th. Six analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $43.57.

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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