Sumitomo Mitsui Trust Holdings Inc. Reduces Stock Position in CubeSmart (NYSE:CUBE)

Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 27.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 881,317 shares of the real estate investment trust's stock after selling 328,162 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.39% of CubeSmart worth $40,849,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Lecap Asset Management Ltd. acquired a new position in shares of CubeSmart in the 4th quarter valued at approximately $1,370,000. Louisiana State Employees Retirement System acquired a new position in shares of CubeSmart in the 4th quarter valued at approximately $2,929,000. WCM Investment Management LLC raised its position in shares of CubeSmart by 13.4% during the 4th quarter. WCM Investment Management LLC now owns 72,182 shares of the real estate investment trust's stock valued at $3,424,000 after acquiring an additional 8,530 shares in the last quarter. Albion Financial Group UT raised its position in shares of CubeSmart by 0.3% during the 4th quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust's stock valued at $3,685,000 after acquiring an additional 254 shares in the last quarter. Finally, B.O.S.S. Retirement Advisors LLC acquired a new stake in shares of CubeSmart during the 4th quarter valued at approximately $234,000. Hedge funds and other institutional investors own 97.61% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Jefferies Financial Group raised CubeSmart from a "hold" rating to a "buy" rating and increased their target price for the stock from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on CubeSmart in a research note on Tuesday, January 30th. They set a "sell" rating and a $40.00 target price for the company. Evercore ISI raised their target price on CubeSmart from $43.00 to $45.00 and gave the company an "in-line" rating in a research note on Monday, March 4th. Barclays initiated coverage on CubeSmart in a research note on Wednesday, March 27th. They set an "equal weight" rating and a $48.00 target price for the company. Finally, Truist Financial raised their target price on CubeSmart from $43.00 to $46.00 and gave the company a "hold" rating in a research note on Thursday, December 28th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, CubeSmart has a consensus rating of "Hold" and a consensus target price of $46.33.

CubeSmart Stock Up 0.5 %

CubeSmart stock traded up $0.19 during mid-day trading on Friday, hitting $42.05. The company's stock had a trading volume of 868,975 shares, compared to its average volume of 1,198,815. The firm's 50 day moving average is $43.89 and its 200 day moving average is $42.16. The company has a market cap of $9.46 billion, a PE ratio of 23.23 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. CubeSmart has a 52-week low of $33.17 and a 52-week high of $47.81.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.85%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart's dividend payout ratio is currently 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.