CubeSmart (NYSE:CUBE) Shares Sold by Macquarie Group Ltd.

Macquarie Group Ltd. lowered its stake in shares of CubeSmart (NYSE:CUBE) by 3.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,021 shares of the real estate investment trust’s stock after selling 4,185 shares during the quarter. Macquarie Group Ltd. owned approximately 0.05% of CubeSmart worth $5,384,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CUBE. Raymond James Financial Services Advisors Inc. raised its stake in CubeSmart by 461.1% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 20,244 shares of the real estate investment trust’s stock valued at $1,053,000 after acquiring an additional 16,636 shares in the last quarter. MetLife Investment Management LLC bought a new stake in CubeSmart during the 1st quarter valued at $227,000. Great West Life Assurance Co. Can raised its stake in CubeSmart by 6.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 191,579 shares of the real estate investment trust’s stock valued at $10,354,000 after acquiring an additional 10,933 shares in the last quarter. Yousif Capital Management LLC raised its stake in CubeSmart by 7.3% during the 1st quarter. Yousif Capital Management LLC now owns 11,869 shares of the real estate investment trust’s stock valued at $618,000 after acquiring an additional 810 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in CubeSmart by 63.5% during the 1st quarter. Allianz Asset Management GmbH now owns 536,244 shares of the real estate investment trust’s stock valued at $27,901,000 after acquiring an additional 208,256 shares in the last quarter. Institutional investors and hedge funds own 96.66% of the company’s stock.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $41.10 on Monday. CubeSmart has a 52-week low of $36.82 and a 52-week high of $48.93. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 2.87 and a beta of 0.58. The stock’s fifty day simple moving average is $42.60 and its 200 day simple moving average is $44.53.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.49 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.77%. CubeSmart’s dividend payout ratio is 113.95%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. StockNews.com assumed coverage on CubeSmart in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Raymond James dropped their price objective on CubeSmart from $53.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, August 31st. Stifel Nicolaus reissued a “buy” rating and issued a $50.00 price objective on shares of CubeSmart in a research note on Wednesday, September 13th. Citigroup dropped their price objective on CubeSmart from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Thursday, August 24th. Finally, Wells Fargo & Company dropped their price objective on CubeSmart from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, August 7th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $47.55.

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.