Wolverine Trading LLC lessened its position in shares of CubeSmart (NYSE:CUBE – Get Rating) by 11.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,511 shares of the real estate investment trust’s stock after selling 1,089 shares during the period. Wolverine Trading LLC’s holdings in CubeSmart were worth $336,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its holdings in shares of CubeSmart by 117.1% in the 3rd quarter. Renaissance Technologies LLC now owns 877,000 shares of the real estate investment trust’s stock valued at $35,133,000 after buying an additional 473,100 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of CubeSmart in the 3rd quarter valued at $1,190,000. Boothbay Fund Management LLC acquired a new position in shares of CubeSmart in the 3rd quarter valued at $245,000. Ergoteles LLC acquired a new position in shares of CubeSmart in the 3rd quarter valued at $614,000. Finally, MML Investors Services LLC boosted its holdings in shares of CubeSmart by 19.1% in the 3rd quarter. MML Investors Services LLC now owns 7,185 shares of the real estate investment trust’s stock valued at $288,000 after buying an additional 1,154 shares in the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.
Wall Street Analyst Weigh In
CUBE has been the subject of several research analyst reports. Raymond James lowered their target price on shares of CubeSmart from $58.00 to $48.00 and set a “strong-buy” rating for the company in a report on Monday, January 9th. Wolfe Research assumed coverage on shares of CubeSmart in a report on Tuesday, January 17th. They issued an “outperform” rating and a $48.00 target price for the company. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price target for the company from $47.00 to $41.00 in a research report on Monday, January 2nd. Finally, Truist Financial reduced their price target on shares of CubeSmart from $53.00 to $46.00 in a research report on Monday, December 5th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, CubeSmart currently has an average rating of “Moderate Buy” and an average target price of $48.43.
CubeSmart Stock Up 2.4 %
CubeSmart Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Monday, April 3rd will be given a dividend of $0.49 per share. The ex-dividend date of this dividend is Friday, March 31st. This represents a $1.96 dividend on an annualized basis and a yield of 4.03%. CubeSmart’s payout ratio is currently 151.94%.
CubeSmart Company Profile
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.
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