Daiwa Securities Group Inc. Lowers Position in CubeSmart (NYSE:CUBE)

Daiwa Securities Group Inc. cut its position in CubeSmart (NYSE:CUBE) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 68,041 shares of the real estate investment trust’s stock after selling 3,767 shares during the quarter. Daiwa Securities Group Inc.’s holdings in CubeSmart were worth $3,154,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC raised its holdings in CubeSmart by 22.3% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 5,761 shares of the real estate investment trust’s stock worth $220,000 after purchasing an additional 1,051 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of CubeSmart by 30.6% during the fourth quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust’s stock valued at $22,633,000 after acquiring an additional 113,571 shares in the last quarter. Lecap Asset Management Ltd. acquired a new position in shares of CubeSmart during the fourth quarter valued at about $1,370,000. DAVENPORT & Co LLC increased its holdings in shares of CubeSmart by 24.4% during the fourth quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust’s stock valued at $5,781,000 after acquiring an additional 24,483 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of CubeSmart by 95.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 75,900 shares of the real estate investment trust’s stock valued at $2,894,000 after acquiring an additional 37,086 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Trading Up 0.5 %

CubeSmart stock opened at $42.05 on Monday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The stock’s 50 day simple moving average is $43.89 and its two-hundred day simple moving average is $42.20. The firm has a market cap of $9.46 billion, a PE ratio of 23.23 and a beta of 0.69.

CubeSmart Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CUBE. Evercore ISI upped their price objective 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. Wells Fargo & Company upped their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. Raymond James restated an “outperform” rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a report on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price target on the stock. Finally, Jefferies Financial Group upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and increased their price target for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and a consensus target price of $46.33.

CubeSmart 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.