PGGM Investments Has $37.53 Million Stake in CubeSmart (NYSE:CUBE)

PGGM Investments cut its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 46.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 809,749 shares of the real estate investment trust's stock after selling 713,797 shares during the quarter. PGGM Investments owned 0.36% of CubeSmart worth $37,532,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC acquired a new stake in shares of CubeSmart in the fourth quarter worth $28,000. Signaturefd LLC boosted its position in shares of CubeSmart by 72.5% in the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust's stock worth $32,000 after buying an additional 292 shares during the period. Ceredex Value Advisors LLC acquired a new stake in shares of CubeSmart in the fourth quarter worth $37,000. Private Trust Co. NA boosted its position in shares of CubeSmart by 182.9% in the fourth quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust's stock worth $64,000 after buying an additional 898 shares during the period. Finally, Covestor Ltd boosted its position in shares of CubeSmart by 65.8% in the third quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust's stock worth $55,000 after buying an additional 573 shares during the period. 97.61% of the stock is owned by institutional investors.

CubeSmart Stock Performance

CUBE stock traded down $0.62 during trading on Friday, reaching $40.76. 1,165,289 shares of the stock were exchanged, compared to its average volume of 1,216,967. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81. The company has a market capitalization of $9.17 billion, a P/E ratio of 22.64 and a beta of 0.69. The stock has a 50 day simple moving average of $43.70 and a 200-day simple moving average of $42.31. 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 company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.51 per share. 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 presently 113.33%.

Analyst Upgrades and Downgrades

CUBE has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on CubeSmart in a report on Tuesday, January 30th. They set a "sell" rating and a $40.00 price objective for the company. Raymond James reiterated an "outperform" rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. Evercore ISI increased their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an "in-line" rating in a report on Monday, March 4th. Barclays initiated coverage on CubeSmart in a report on Wednesday, March 27th. They set an "equal weight" rating and a $48.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an "equal weight" rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $46.33.

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.