Russell Investments Group Ltd. grew its stake in CubeSmart (NYSE:CUBE – Get Rating) by 30.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 263,524 shares of the real estate investment trust’s stock after buying an additional 61,056 shares during the period. Russell Investments Group Ltd. owned 0.12% of CubeSmart worth $13,708,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. National Bank of Canada FI acquired a new stake in CubeSmart during the 4th quarter worth $36,000. Janney Montgomery Scott LLC boosted its stake in CubeSmart by 20.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 9,586 shares of the real estate investment trust’s stock worth $546,000 after purchasing an additional 1,622 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in CubeSmart during the 4th quarter worth $15,677,000. Illinois Municipal Retirement Fund boosted its stake in CubeSmart by 30.3% during the 4th quarter. Illinois Municipal Retirement Fund now owns 20,085 shares of the real estate investment trust’s stock worth $1,143,000 after purchasing an additional 4,672 shares during the period. Finally, Yousif Capital Management LLC acquired a new stake in CubeSmart during the 4th quarter worth $629,000. Institutional investors and hedge funds own 95.92% of the company’s stock.
CubeSmart Stock Performance
Shares of CUBE opened at $45.96 on Friday. The company has a 50-day simple moving average of $42.93 and a 200-day simple moving average of $47.11. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $10.32 billion, a PE ratio of 43.77, a P/E/G ratio of 2.47 and a beta of 0.50. CubeSmart has a 52-week low of $38.67 and a 52-week high of $57.34.
CubeSmart Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be issued a $0.43 dividend. The ex-dividend date is Friday, September 30th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.74%. CubeSmart’s dividend payout ratio is presently 163.81%.
Wall Street Analyst Weigh In
Several research firms have recently commented on CUBE. Raymond James upgraded shares of CubeSmart from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $60.00 to $52.00 in a research note on Monday, May 23rd. Truist Financial reduced their target price on shares of CubeSmart from $55.00 to $48.00 and set a “na” rating for the company in a research note on Monday, May 16th. StockNews.com upgraded shares of CubeSmart from a “sell” rating to a “hold” rating in a research note on Wednesday. Bank of America upgraded shares of CubeSmart from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 21st. Finally, Jefferies Financial Group reduced their target price on shares of CubeSmart from $66.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.
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 secure storage space for residential and commercial customers. According to the 2020 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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