Macquarie Group Ltd. lessened its position in shares of CubeSmart (NYSE:CUBE – Get Rating) by 51.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 105,516 shares of the real estate investment trust's stock after selling 112,459 shares during the quarter. Macquarie Group Ltd.'s holdings in CubeSmart were worth $4,310,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CUBE. PGGM Investments acquired a new stake in CubeSmart during the 3rd quarter valued at approximately $108,885,000. Capital Research Global Investors acquired a new stake in shares of CubeSmart during the 1st quarter worth approximately $137,023,000. Principal Financial Group Inc. grew its position in shares of CubeSmart by 21.3% during the 2nd quarter. Principal Financial Group Inc. now owns 12,349,163 shares of the real estate investment trust's stock worth $527,558,000 after buying an additional 2,167,266 shares during the period. Goldman Sachs Group Inc. grew its position in shares of CubeSmart by 96.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,484,402 shares of the real estate investment trust's stock worth $148,854,000 after buying an additional 1,711,731 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of CubeSmart by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 32,178,558 shares of the real estate investment trust's stock worth $1,674,250,000 after buying an additional 1,515,436 shares during the period. Institutional investors and hedge funds own 93.62% of the company's stock.
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Analyst Upgrades and Downgrades
CUBE has been the subject of several research reports. Raymond James reduced their price target on shares of CubeSmart from $58.00 to $48.00 and set a "strong-buy" rating for the company in a research report on Monday, January 9th. Jefferies Financial Group downgraded shares of CubeSmart from a "buy" rating to a "hold" rating and reduced their price target for the company from $47.00 to $41.00 in a research report on Monday, January 2nd. Wolfe Research initiated coverage on shares of CubeSmart in a research report on Tuesday, January 17th. They issued an "outperform" rating and a $48.00 price target for the company. Finally, Truist Financial lifted their price target on shares of CubeSmart from $46.00 to $47.00 in a research report on Wednesday. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.57.
CubeSmart Stock Performance
NYSE CUBE opened at $47.43 on Thursday. The stock has a market capitalization of $10.65 billion, a price-to-earnings ratio of 36.77, a PEG ratio of 2.13 and a beta of 0.57. CubeSmart has a one year low of $36.82 and a one year high of $54.95. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.04 and a quick ratio of 0.04. The business's fifty day moving average is $44.24 and its 200-day moving average is $42.59.
CubeSmart Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Monday, April 3rd will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date is Friday, March 31st. CubeSmart's payout ratio is 151.94%.
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.
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