Bank of New York Mellon Corp Sells 9,552 Shares of CubeSmart (NYSE:CUBE)

Defense World · Mar 12, 2023 18:22

Bank of New York Mellon Corp lessened its stake in shares of CubeSmart (NYSE:CUBE – Get Rating) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,195,780 shares of the real estate investment trust's stock after selling 9,552 shares during the quarter. Bank of New York Mellon Corp owned 0.53% of CubeSmart worth $47,902,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. HHM Wealth Advisors LLC raised its position in CubeSmart by 669.3% in the 3rd quarter. HHM Wealth Advisors LLC now owns 777 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 676 shares during the last quarter. Wipfli Financial Advisors LLC bought a new position in CubeSmart in the 3rd quarter valued at $34,000. SeaCrest Wealth Management LLC bought a new position in CubeSmart in the 2nd quarter valued at $53,000. Northern Oak Wealth Management Inc. bought a new position in CubeSmart in the 2nd quarter valued at $63,000. Finally, Covestor Ltd raised its position in CubeSmart by 781.0% in the 1st quarter. Covestor Ltd now owns 1,533 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 1,359 shares during the last quarter. Institutional investors own 93.62% of the company's stock.

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CubeSmart Stock Down 2.4 %

Shares of CubeSmart stock opened at $45.62 on Friday. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.05. CubeSmart has a 12 month low of $36.82 and a 12 month high of $54.95. The business has a fifty day simple moving average of $44.46 and a 200 day simple moving average of $42.55. The stock has a market cap of $10.25 billion, a PE ratio of 35.36, a price-to-earnings-growth ratio of 2.04 and a beta of 0.57.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Monday, April 3rd will be paid a $0.49 dividend. The ex-dividend date is Friday, March 31st. This represents a $1.96 dividend on an annualized basis and a yield of 4.30%. CubeSmart's payout ratio is 151.94%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CUBE shares. Jefferies Financial Group downgraded CubeSmart from a "buy" rating to a "hold" rating and cut their price objective for the company from $47.00 to $41.00 in a research report on Monday, January 2nd. Raymond James dropped their target price on CubeSmart from $58.00 to $48.00 and set a "strong-buy" rating for the company in a research report on Monday, January 9th. Truist Financial boosted their target price on CubeSmart from $46.00 to $47.00 and gave the stock a "hold" rating in a research report on Wednesday. Finally, Wolfe Research began coverage on CubeSmart in a research report on Tuesday, January 17th. They set an "outperform" rating and a $48.00 target price for the company. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.57.

About CubeSmart

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CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.

Bank of New York Mellon Corp Sells 9,552 Shares of CubeSmart (NYSE:CUBE)

CubeSmart Stock Down 2.4 %

CubeSmart Dividend Announcement

Analyst Upgrades and Downgrades

About CubeSmart

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