Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Holdings in CubeSmart (NYSE:CUBE)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in CubeSmart (NYSE:CUBE) by 10.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 129,325 shares of the real estate investment trust’s stock after purchasing an additional 11,848 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in CubeSmart were worth $5,994,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in CubeSmart by 4.9% in the first quarter. Vanguard Group Inc. now owns 32,178,558 shares of the real estate investment trust’s stock worth $1,674,250,000 after purchasing an additional 1,515,436 shares during the last quarter. BlackRock Inc. boosted its position in CubeSmart by 0.5% in the first quarter. BlackRock Inc. now owns 26,226,479 shares of the real estate investment trust’s stock worth $1,212,188,000 after purchasing an additional 138,651 shares during the last quarter. State Street Corp boosted its position in CubeSmart by 1.4% in the first quarter. State Street Corp now owns 12,425,300 shares of the real estate investment trust’s stock worth $580,252,000 after purchasing an additional 173,717 shares during the last quarter. Norges Bank purchased a new position in CubeSmart in the fourth quarter worth about $293,769,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in CubeSmart by 15.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,623,268 shares of the real estate investment trust’s stock worth $226,337,000 after purchasing an additional 740,019 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Up 0.5 %

Shares of CUBE 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 business’s 50 day moving average is $43.89 and its 200 day moving average is $42.20. The company has a market capitalization of $9.46 billion, a PE ratio of 23.23 and a beta of 0.69.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid 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%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CUBE shares. Truist Financial raised their price objective on CubeSmart from $43.00 to $46.00 and gave the stock a “hold” rating in a research note on Thursday, December 28th. Deutsche Bank Aktiengesellschaft started coverage on CubeSmart in a research note on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price objective on the stock. Evercore ISI raised their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Raymond James reaffirmed an “outperform” rating and issued a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Finally, Wells Fargo & Company raised their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, CubeSmart currently has an average rating of “Hold” and a consensus target price of $46.33.

About CubeSmart

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.