Nordea Investment Management AB Raises Stock Holdings in CubeSmart (NYSE:CUBE)

Nordea Investment Management AB lifted its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 30.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 484,855 shares of the real estate investment trust's stock after buying an additional 113,571 shares during the quarter. Nordea Investment Management AB owned about 0.22% of CubeSmart worth $22,633,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of CUBE. Raymond James Financial Services Advisors Inc. increased its position in shares of CubeSmart by 461.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 20,244 shares of the real estate investment trust's stock worth $1,053,000 after purchasing an additional 16,636 shares during the period. MetLife Investment Management LLC bought a new position in shares of CubeSmart in the first quarter worth $227,000. Great West Life Assurance Co. Can increased its position in shares of CubeSmart by 6.1% in the first quarter. Great West Life Assurance Co. Can now owns 191,579 shares of the real estate investment trust's stock worth $10,354,000 after purchasing an additional 10,933 shares during the period. Yousif Capital Management LLC increased its position in shares of CubeSmart by 7.3% in the first quarter. Yousif Capital Management LLC now owns 11,869 shares of the real estate investment trust's stock worth $618,000 after purchasing an additional 810 shares during the period. Finally, Allianz Asset Management GmbH increased its position in shares of CubeSmart by 63.5% in the first quarter. Allianz Asset Management GmbH now owns 536,244 shares of the real estate investment trust's stock worth $27,901,000 after purchasing an additional 208,256 shares during the period. Institutional investors and hedge funds own 96.66% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Jefferies Financial Group upgraded CubeSmart from a "hold" rating to a "buy" rating and lifted their target price for the company from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on CubeSmart in a research report on Tuesday, January 30th. They issued a "sell" rating and a $40.00 target price on the stock. Truist Financial lifted their target price on CubeSmart from $43.00 to $46.00 and gave the company a "hold" rating in a research report on Thursday, December 28th. Evercore ISI boosted their price target on CubeSmart from $43.00 to $45.00 and gave the stock an "in-line" rating in a report on Monday, March 4th. Finally, BMO Capital Markets upgraded CubeSmart from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $46.00 to $49.00 in a report on Friday, December 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, CubeSmart currently has an average rating of "Hold" and a consensus price target of $45.55.

CubeSmart Stock Up 1.1 %

Shares of NYSE CUBE traded up $0.47 during midday trading on Thursday, hitting $43.89. 1,225,016 shares of the stock traded hands, compared to its average volume of 1,564,779. The company has a market cap of $9.87 billion, a PE ratio of 24.25 and a beta of 0.69. CubeSmart has a one year low of $33.17 and a one year high of $48.93. The business has a 50 day moving average price of $44.07 and a two-hundred day moving average price of $41.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, April 1st will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 4.65%. CubeSmart's dividend payout ratio is 112.71%.

CubeSmart Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.