CubeSmart (NYSE:CUBE) Shares Bought by Truist Financial Corp

Truist Financial Corp grew its holdings in CubeSmart (NYSE:CUBE - Free Report) by 14.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,516,173 shares of the real estate investment trust's stock after acquiring an additional 445,228 shares during the quarter. Truist Financial Corp owned 1.56% of CubeSmart worth $162,975,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC increased its position in shares of CubeSmart by 22.3% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 5,761 shares of the real estate investment trust's stock valued at $220,000 after acquiring an additional 1,051 shares during the period. Nordea Investment Management AB raised its stake in shares of CubeSmart by 30.6% in the fourth quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust's stock worth $22,633,000 after purchasing an additional 113,571 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of CubeSmart during the fourth quarter worth about $1,370,000. DAVENPORT & Co LLC boosted its position in CubeSmart by 24.4% in the fourth quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust's stock valued at $5,781,000 after buying an additional 24,483 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in CubeSmart by 95.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 75,900 shares of the real estate investment trust's stock worth $2,894,000 after buying an additional 37,086 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Trading Down 1.5 %

CUBE traded down $0.62 during mid-day trading on Friday, hitting $40.76. 1,160,730 shares of the stock were exchanged, compared to its average volume of 1,474,850. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. The firm's fifty day moving average is $43.70 and its two-hundred day moving average is $42.28. The company has a market cap of $9.17 billion, a PE ratio of 22.52 and a beta of 0.69. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart's dividend payout ratio (DPR) is 112.71%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CUBE shares. Barclays assumed coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an "equal weight" rating and a $48.00 price target on the stock. Raymond James reaffirmed an "outperform" rating and set a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on CubeSmart in a research report on Tuesday, January 30th. They set a "sell" rating and a $40.00 price target for the company. Jefferies Financial Group raised shares of CubeSmart from a "hold" rating to a "buy" rating and raised their price objective for the stock from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Finally, Wells Fargo & Company lifted their target price on shares of CubeSmart from $42.00 to $46.00 and gave the company an "equal weight" rating in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $46.33.

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.

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