OLD National Bancorp IN reduced its position in CubeSmart (NYSE:CUBE – Free Report) by 16.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 148,446 shares of the real estate investment trust’s stock after selling 28,470 shares during the quarter. OLD National Bancorp IN’s holdings in CubeSmart were worth $6,361,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oak Thistle LLC raised its stake in shares of CubeSmart by 232.9% in the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after acquiring an additional 22,582 shares during the period. BNP Paribas Financial Markets raised its position in CubeSmart by 32.9% in the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock valued at $8,531,000 after purchasing an additional 39,270 shares during the period. Franklin Resources Inc. lifted its stake in shares of CubeSmart by 13.1% during the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after purchasing an additional 36,919 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of CubeSmart during the third quarter worth about $628,000. Finally, Harbor Capital Advisors Inc. boosted its position in shares of CubeSmart by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock worth $1,777,000 after buying an additional 18,475 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.
CubeSmart Stock Up 1.0 %
Shares of CubeSmart stock opened at $41.90 on Friday. The business has a 50-day moving average price of $44.07 and a 200 day moving average price of $47.91. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The firm has a market cap of $9.47 billion, a P/E ratio of 23.67, a P/E/G ratio of 11.42 and a beta of 0.87. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.
CubeSmart Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 4.96%. CubeSmart’s dividend payout ratio is 117.51%.
Analyst Upgrades and Downgrades
CUBE has been the topic of several recent research reports. Scotiabank reduced their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Barclays reduced their target price on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada lowered their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and cut their price objective for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Wells Fargo & Company raised their target price on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $49.73.
Read Our Latest Research Report on CubeSmart
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.
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