Russell Investments Group Ltd. Raises Holdings in CubeSmart (NYSE:CUBE)

Russell Investments Group Ltd. lifted its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 16.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,473,429 shares of the real estate investment trust's stock after purchasing an additional 208,426 shares during the quarter. Russell Investments Group Ltd. owned about 0.66% of CubeSmart worth $68,419,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CUBE. GAMMA Investing LLC acquired a new stake in CubeSmart in the 4th quarter valued at $28,000. Signaturefd LLC lifted its position in CubeSmart by 72.5% in the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust's stock valued at $32,000 after acquiring an additional 292 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in CubeSmart in the 4th quarter valued at about $37,000. Covestor Ltd boosted its stake in CubeSmart by 65.8% during the 3rd quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust's stock valued at $55,000 after purchasing an additional 573 shares during the last quarter. Finally, Private Trust Co. NA increased its holdings in CubeSmart by 182.9% during the 4th quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust's stock worth $64,000 after purchasing an additional 898 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CUBE. Barclays initiated coverage on CubeSmart in a report on Wednesday, March 27th. They issued an "equal weight" rating and a $48.00 target price on the stock. Evercore ISI raised 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. Wells Fargo & Company upped their target price on shares of CubeSmart from $42.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Friday, April 5th. Jefferies Financial Group raised shares of CubeSmart from a "hold" rating to a "buy" rating and raised their price target for the company from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Finally, Raymond James restated an "outperform" rating and set a $48.00 price target on shares of CubeSmart in a report on Thursday, March 28th. 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 company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $46.33.

CubeSmart Stock Performance

CUBE stock traded up $0.48 during mid-day trading on Monday, hitting $41.24. The company had a trading volume of 1,395,008 shares, compared to its average volume of 1,473,876. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The firm has a market cap of $9.28 billion, a PE ratio of 22.91 and a beta of 0.69. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The stock's fifty day moving average price is $43.66 and its two-hundred day moving average price is $42.35.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 4.95%. CubeSmart's payout ratio is currently 113.33%.

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.