Russell Investments Group Ltd. cut its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 4.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,548,511 shares of the real estate investment trust's stock after selling 76,033 shares during the period. Russell Investments Group Ltd. owned about 0.68% of CubeSmart worth $62,963,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in shares of CubeSmart in the 2nd quarter worth $458,008,000. Schroder Investment Management Group bought a new stake in CubeSmart during the third quarter valued at about $23,516,000. Hazelview Securities Inc. bought a new stake in CubeSmart during the second quarter valued at about $21,643,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in CubeSmart by 13,418.0% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 429,738 shares of the real estate investment trust's stock valued at $18,264,000 after purchasing an additional 426,559 shares during the last quarter. Finally, Engineers Gate Manager LP grew its stake in CubeSmart by 4,329.6% in the second quarter. Engineers Gate Manager LP now owns 363,224 shares of the real estate investment trust's stock valued at $15,437,000 after purchasing an additional 355,024 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
CUBE has been the subject of several analyst reports. Wolfe Research lowered shares of CubeSmart from an "outperform" rating to a "peer perform" rating in a research report on Monday, January 26th. Truist Financial cut their price objective on shares of CubeSmart from $48.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, December 16th. 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 note on Friday, December 5th. Wall Street Zen cut shares of CubeSmart from a "hold" rating to a "sell" rating in a research report on Sunday, March 1st. Finally, UBS Group lowered their target price on shares of CubeSmart from $38.00 to $37.00 and set a "neutral" rating for the company in a research note on Thursday, January 8th. Five equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $44.07.
Get Our Latest Stock Analysis on CubeSmart
Insider Activity
In related news, insider Jeffrey P. Foster sold 23,148 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $41.02, for a total value of $949,530.96. Following the completion of the transaction, the insider directly owned 205,057 shares of the company's stock, valued at $8,411,438.14. This trade represents a 10.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.69% of the stock is currently owned by company insiders.
CubeSmart Trading Down 0.3%
Shares of NYSE:CUBE opened at $39.95 on Wednesday. The business's 50-day moving average is $38.60 and its 200 day moving average is $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 1 year low of $34.24 and a 1 year high of $44.13. The firm has a market capitalization of $9.07 billion, a P/E ratio of 27.55 and a beta of 1.10.
CubeSmart Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be issued a dividend of $0.53 per share. The ex-dividend date is Wednesday, April 1st. This represents a $2.12 annualized dividend and a dividend yield of 5.3%. CubeSmart's dividend payout ratio is 146.21%.
About CubeSmart
(
Free Report)
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.
Further Reading
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