abrdn plc Sells 4,245 Shares of CubeSmart (NYSE:CUBE)

abrdn plc trimmed its holdings in shares of CubeSmart (NYSE:CUBE) by 9.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,920 shares of the real estate investment trust’s stock after selling 4,245 shares during the quarter. abrdn plc’s holdings in CubeSmart were worth $1,989,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of CUBE. Ceredex Value Advisors LLC bought a new position in CubeSmart during the fourth quarter worth about $37,000. Covestor Ltd grew its stake in CubeSmart by 65.8% during the third quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 573 shares in the last quarter. Private Trust Co. NA grew its stake in CubeSmart by 182.9% during the fourth quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 898 shares in the last quarter. ZRC Wealth Management LLC acquired a new stake in CubeSmart during the fourth quarter worth about $104,000. Finally, Whitaker Myers Wealth Managers LTD. acquired a new stake in CubeSmart during the fourth quarter worth about $205,000. 97.61% of the stock is owned by institutional investors.

CubeSmart Trading Down 1.5 %

CUBE opened at $40.76 on Monday. The company’s 50 day moving average is $43.70 and its 200-day moving average is $42.33. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market cap of $9.17 billion, a P/E ratio of 22.64 and a beta of 0.69.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.04 annualized dividend and a yield of 5.00%. CubeSmart’s dividend payout ratio is presently 113.33%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and increased their price objective for the stock from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Evercore ISI increased their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective on the stock. Raymond James reiterated an “outperform” rating and set a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Finally, Wells Fargo & Company raised their price target on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, April 5th. One 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 company. Based on data from MarketBeat, the company currently 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.