Federated Hermes Inc. Grows Position in CubeSmart (NYSE:CUBE)

Federated Hermes Inc. grew its stake in CubeSmart (NYSE:CUBE) by 16.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,918 shares of the real estate investment trust’s stock after buying an additional 5,448 shares during the period. Federated Hermes Inc.’s holdings in CubeSmart were worth $1,757,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Albion Financial Group UT raised its stake in shares of CubeSmart by 0.3% during the 4th quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust’s stock valued at $3,685,000 after buying an additional 254 shares during the last quarter. Toronto Dominion Bank raised its position in CubeSmart by 1.2% during the third quarter. Toronto Dominion Bank now owns 24,631 shares of the real estate investment trust’s stock valued at $939,000 after acquiring an additional 281 shares in the last quarter. IFG Advisory LLC lifted its holdings in CubeSmart by 4.5% in the fourth quarter. IFG Advisory LLC now owns 8,662 shares of the real estate investment trust’s stock valued at $402,000 after acquiring an additional 372 shares during the period. Metis Global Partners LLC boosted its position in CubeSmart by 3.0% in the 3rd quarter. Metis Global Partners LLC now owns 13,179 shares of the real estate investment trust’s stock worth $503,000 after purchasing an additional 386 shares in the last quarter. Finally, Yorktown Management & Research Co Inc grew its stake in shares of CubeSmart by 6.0% during the 3rd quarter. Yorktown Management & Research Co Inc now owns 7,100 shares of the real estate investment trust’s stock worth $271,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Up 1.2 %

Shares of CUBE opened at $41.24 on Tuesday. The stock has a 50 day moving average price of $43.66 and a 200 day moving average price of $42.35. CubeSmart has a one year low of $33.17 and a one year high of $47.81. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 22.91 and a beta of 0.69.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date was Thursday, March 28th. CubeSmart’s payout ratio is 113.33%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CUBE shares. Deutsche Bank Aktiengesellschaft started coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They issued a “sell” rating and a $40.00 target price for the company. Jefferies Financial Group upgraded CubeSmart from a “hold” rating to a “buy” rating and raised their target price for the company from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Raymond James restated an “outperform” rating and issued a $48.00 price target on shares of CubeSmart in a research note on Thursday, March 28th. Evercore ISI increased their price target on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, March 4th. Finally, Wells Fargo & Company raised their price objective on CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a report 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 given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus 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.