PGGM Investments Sells 713,797 Shares of CubeSmart (NYSE:CUBE)

PGGM Investments lowered its position in shares of CubeSmart (NYSE:CUBE) by 46.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 809,749 shares of the real estate investment trust’s stock after selling 713,797 shares during the quarter. PGGM Investments owned about 0.36% of CubeSmart worth $37,532,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Deutsche Bank AG raised its holdings in shares of CubeSmart by 1,915.7% during the third quarter. Deutsche Bank AG now owns 3,058,193 shares of the real estate investment trust’s stock valued at $116,609,000 after purchasing an additional 2,906,478 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of CubeSmart by 54.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,898,429 shares of the real estate investment trust’s stock valued at $148,647,000 after purchasing an additional 1,369,438 shares during the period. Schroder Investment Management Group acquired a new position in shares of CubeSmart during the third quarter valued at about $33,972,000. Massachusetts Financial Services Co. MA raised its holdings in shares of CubeSmart by 92.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,841,190 shares of the real estate investment trust’s stock valued at $70,205,000 after purchasing an additional 886,616 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in shares of CubeSmart by 29,910.3% during the third quarter. Lazard Asset Management LLC now owns 604,408 shares of the real estate investment trust’s stock valued at $23,044,000 after purchasing an additional 602,394 shares during the period. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Down 1.5 %

CUBE stock traded down $0.62 during trading on Friday, reaching $40.76. The stock had a trading volume of 1,165,289 shares, compared to its average volume of 1,216,967. CubeSmart has a one year low of $33.17 and a one year high of $47.81. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $43.70 and its two-hundred day moving average is $42.28. The company has a market capitalization of $9.17 billion, a price-to-earnings ratio of 22.64 and a beta of 0.69.

CubeSmart Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CUBE. Raymond James reiterated an “outperform” rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. Wells Fargo & Company upped their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. Barclays started coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price on the stock. Evercore ISI upped their target price on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a report on Monday, March 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of CubeSmart in a report on Tuesday, January 30th. They issued a “sell” rating and a $40.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.33.

CubeSmart Company 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.