Sumitomo Mitsui Trust Holdings Inc. Lowers Stake in CubeSmart (NYSE:CUBE)

Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in CubeSmart (NYSE:CUBE) by 27.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 881,317 shares of the real estate investment trust’s stock after selling 328,162 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in CubeSmart were worth $40,849,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Ceredex Value Advisors LLC bought a new stake in shares of CubeSmart in the 4th quarter worth approximately $37,000. Quarry LP bought a new position in CubeSmart during the 2nd quarter valued at approximately $37,000. Sunbelt Securities Inc. purchased a new position in CubeSmart during the first quarter valued at $46,000. Covestor Ltd boosted its holdings in CubeSmart by 65.8% in the third quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 573 shares in the last quarter. Finally, Private Trust Co. NA grew its stake in shares of CubeSmart by 182.9% in the fourth quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock worth $64,000 after acquiring an additional 898 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 0.5 %

NYSE:CUBE opened at $42.05 on Friday. CubeSmart has a one year low of $33.17 and a one year high of $47.81. The business has a fifty day moving average price of $43.89 and a 200-day moving average price of $42.13. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of 23.23 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date was Thursday, March 28th. CubeSmart’s payout ratio is 112.71%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CUBE shares. Jefferies Financial Group upgraded CubeSmart from a “hold” rating to a “buy” rating and raised their price target for the company from $38.00 to $53.00 in a report on Tuesday, January 2nd. Raymond James reaffirmed an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Evercore ISI increased their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, March 4th. Truist Financial raised their price target on shares of CubeSmart from $43.00 to $46.00 and gave the company a “hold” rating in a research report on Thursday, December 28th. Finally, Wells Fargo & Company upped their price objective on CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $46.33.

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.