Sumitomo Mitsui Trust Group Inc. Has $14.39 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in CubeSmart (NYSE:CUBE) by 0.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 335,844 shares of the real estate investment trust’s stock after selling 374 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.15% of CubeSmart worth $14,391,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CUBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of CubeSmart by 326.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock worth $90,229,000 after buying an additional 1,282,995 shares during the period. Allspring Global Investments Holdings LLC boosted its position in CubeSmart by 14.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after purchasing an additional 624,661 shares during the last quarter. SG Americas Securities LLC boosted its position in CubeSmart by 10,685.4% during the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock valued at $20,936,000 after purchasing an additional 484,049 shares during the last quarter. Presima Securities ULC boosted its position in CubeSmart by 4,092.4% during the fourth quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock valued at $19,042,000 after purchasing an additional 433,790 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in CubeSmart by 46.6% during the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after purchasing an additional 173,683 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Down 0.8 %

CubeSmart stock opened at $41.99 on Thursday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The business’s 50-day simple moving average is $42.75 and its 200-day simple moving average is $47.53. The firm has a market capitalization of $9.50 billion, a PE ratio of 23.72, a PEG ratio of 11.67 and a beta of 0.87. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14.

CubeSmart Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a $0.52 dividend. The ex-dividend date was Thursday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.95%. CubeSmart’s payout ratio is presently 117.51%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CUBE shares. Wells Fargo & Company lifted their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and reduced their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Barclays reduced their price objective on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Finally, Scotiabank cut their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average price target of $49.73.

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.