Handelsbanken Fonder AB Sells 7,100 Shares of CubeSmart (NYSE:CUBE)

Handelsbanken Fonder AB cut its position in CubeSmart (NYSE:CUBE) by 10.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 63,934 shares of the real estate investment trust’s stock after selling 7,100 shares during the period. Handelsbanken Fonder AB’s holdings in CubeSmart were worth $2,740,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Oak Thistle LLC grew its stake in shares of CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after buying an additional 22,582 shares in the last quarter. Entropy Technologies LP bought a new position in shares of CubeSmart in the fourth quarter valued at $445,000. BNP Paribas Financial Markets grew its stake in shares of CubeSmart by 32.9% in the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock valued at $8,531,000 after buying an additional 39,270 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of CubeSmart by 13.1% in the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock valued at $15,950,000 after buying an additional 36,919 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of CubeSmart in the third quarter valued at $628,000. 97.61% of the stock is owned by institutional investors.

CubeSmart Stock Up 0.8 %

CUBE opened at $42.16 on Tuesday. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. 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 company has a market capitalization of $9.53 billion, a P/E ratio of 23.82, a P/E/G ratio of 11.58 and a beta of 0.87. The stock has a fifty day moving average of $41.93 and a 200-day moving average of $47.19.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.93%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and cut their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Royal Bank of Canada cut their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and cut their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Wells Fargo & Company cut their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.18.

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.