Centersquare Investment Management LLC Sells 2,667,668 Shares of CubeSmart $CUBE

Centersquare Investment Management LLC lessened its stake in shares of CubeSmart (NYSE:CUBE) by 99.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,035 shares of the real estate investment trust’s stock after selling 2,667,668 shares during the period. Centersquare Investment Management LLC’s holdings in CubeSmart were worth $489,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of CubeSmart during the 2nd quarter worth approximately $458,008,000. JPMorgan Chase & Co. grew its stake in shares of CubeSmart by 1.7% in the third quarter. JPMorgan Chase & Co. now owns 5,340,869 shares of the real estate investment trust’s stock valued at $217,162,000 after buying an additional 91,694 shares in the last quarter. Invesco Ltd. increased its holdings in CubeSmart by 0.8% during the second quarter. Invesco Ltd. now owns 3,239,474 shares of the real estate investment trust’s stock worth $137,678,000 after buying an additional 25,994 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in CubeSmart by 1.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,227,559 shares of the real estate investment trust’s stock worth $137,171,000 after acquiring an additional 44,288 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in CubeSmart by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 2,222,338 shares of the real estate investment trust’s stock valued at $94,449,000 after acquiring an additional 12,513 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Price Performance

CubeSmart stock opened at $39.79 on Thursday. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 12.26 and a beta of 1.12. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.22. CubeSmart has a 12 month low of $34.24 and a 12 month high of $44.13. The stock’s 50 day moving average is $37.73 and its 200-day moving average is $38.65.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Wednesday, April 1st. CubeSmart’s payout ratio is presently 135.90%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CUBE. Truist Financial lowered their price objective on shares of CubeSmart from $48.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, December 16th. Wolfe Research lowered CubeSmart from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 26th. Barclays cut their price objective on CubeSmart from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 13th. UBS Group decreased their target price on CubeSmart from $38.00 to $37.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Finally, Deutsche Bank Aktiengesellschaft cut CubeSmart from a “buy” rating to a “hold” rating and set a $40.00 price target on the stock. in a research note on Tuesday, January 20th. Five analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $44.13.

CubeSmart Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.