Allspring Global Investments Holdings LLC Decreases Stock Position in CubeSmart (NYSE:CUBE)

Allspring Global Investments Holdings LLC reduced its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 1.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,838,916 shares of the real estate investment trust's stock after selling 59,513 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.71% of CubeSmart worth $177,934,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of CubeSmart by 4.9% in the first quarter. Vanguard Group Inc. now owns 32,178,558 shares of the real estate investment trust's stock valued at $1,674,250,000 after acquiring an additional 1,515,436 shares in the last quarter. BlackRock Inc. lifted its holdings in CubeSmart by 0.5% in the 1st quarter. BlackRock Inc. now owns 26,226,479 shares of the real estate investment trust's stock valued at $1,212,188,000 after purchasing an additional 138,651 shares in the last quarter. State Street Corp lifted its holdings in CubeSmart by 1.4% in the 1st quarter. State Street Corp now owns 12,425,300 shares of the real estate investment trust's stock valued at $580,252,000 after purchasing an additional 173,717 shares in the last quarter. Norges Bank acquired a new stake in shares of CubeSmart during the 4th quarter worth about $293,769,000. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of CubeSmart by 15.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,623,268 shares of the real estate investment trust's stock worth $226,337,000 after buying an additional 740,019 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Analyst Ratings Changes

CUBE has been the subject of several analyst reports. BMO Capital Markets upgraded CubeSmart from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $46.00 to $49.00 in a report on Friday, December 15th. Raymond James reiterated an "outperform" rating and set a $48.00 target price on shares of CubeSmart in a research report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research note on Tuesday, January 30th. They issued a "sell" rating and a $40.00 price target on the stock. Jefferies Financial Group upgraded shares of CubeSmart from a "hold" rating to a "buy" rating and increased their price objective for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. Finally, Evercore ISI lifted their price objective on CubeSmart from $43.00 to $45.00 and gave the company an "in-line" rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $46.33.

CubeSmart Stock Up 1.3 %

NYSE:CUBE traded up $0.59 during trading hours on Monday, hitting $45.73. The stock had a trading volume of 1,000,891 shares, compared to its average volume of 1,511,594. The business has a 50 day simple moving average of $43.94 and a two-hundred day simple moving average of $41.82. CubeSmart has a 1-year low of $33.17 and a 1-year high of $48.93. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market cap of $10.29 billion, a PE ratio of 24.94 and a beta of 0.69.

CubeSmart Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 1st will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 4.46%. The ex-dividend date of this dividend is Thursday, March 28th. CubeSmart's dividend payout ratio (DPR) is 112.71%.

CubeSmart Company 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.

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