Allspring Global Investments Holdings LLC Decreases Holdings in CubeSmart (NYSE:CUBE)

Allspring Global Investments Holdings LLC cut its holdings in shares of CubeSmart (NYSE:CUBE – Get Rating) by 16.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 83,200 shares of the real estate investment trust’s stock after selling 16,092 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CubeSmart were worth $3,332,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CUBE. Raymond James Financial Services Advisors Inc. raised its stake in shares of CubeSmart by 461.1% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 20,244 shares of the real estate investment trust’s stock worth $1,053,000 after acquiring an additional 16,636 shares in the last quarter. MetLife Investment Management LLC purchased a new position in shares of CubeSmart in the first quarter worth $227,000. Great West Life Assurance Co. Can increased its stake in shares of CubeSmart by 6.1% in the first quarter. Great West Life Assurance Co. Can now owns 191,579 shares of the real estate investment trust’s stock worth $10,354,000 after buying an additional 10,933 shares during the period. Yousif Capital Management LLC increased its stake in shares of CubeSmart by 7.3% in the first quarter. Yousif Capital Management LLC now owns 11,869 shares of the real estate investment trust’s stock worth $618,000 after buying an additional 810 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of CubeSmart by 63.5% in the first quarter. Allianz Asset Management GmbH now owns 536,244 shares of the real estate investment trust’s stock worth $27,901,000 after buying an additional 208,256 shares during the period. 93.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. StockNews.com assumed coverage on shares of CubeSmart in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the stock from $47.00 to $41.00 in a research note on Monday, January 2nd. Truist Financial reduced their price objective on shares of CubeSmart from $53.00 to $46.00 in a research report on Monday, December 5th. Raymond James reduced their price objective on shares of CubeSmart from $58.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Monday, January 9th. Finally, Wolfe Research assumed coverage on shares of CubeSmart in a research report on Tuesday. They set an “outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Moderate Buy” and a consensus target price of $48.50.

CubeSmart Stock Performance

Shares of CUBE stock opened at $42.39 on Wednesday. CubeSmart has a 12 month low of $36.82 and a 12 month high of $54.95. The stock has a market cap of $9.52 billion, a PE ratio of 37.18, a price-to-earnings-growth ratio of 1.85 and a beta of 0.52. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.05. The company’s fifty day moving average price is $40.87 and its 200-day moving average price is $42.50.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 17th. Investors of record on Tuesday, January 3rd were paid a $0.49 dividend. This is a boost from CubeSmart’s previous quarterly dividend of $0.43. The ex-dividend date was Friday, December 30th. This represents a $1.96 dividend on an annualized basis and a yield of 4.62%. CubeSmart’s payout ratio is presently 171.93%.

CubeSmart Profile

(Get Rating)

CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.