Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Position in CubeSmart (NYSE:CUBE)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in CubeSmart (NYSE:CUBE) by 9.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 45,902 shares of the real estate investment trust’s stock after purchasing an additional 3,941 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in CubeSmart were worth $1,967,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CUBE. Versant Capital Management Inc raised its position in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 673 shares during the period. Blue Trust Inc. grew its position in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 289 shares during the period. UMB Bank n.a. increased its stake in shares of CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 444 shares in the last quarter. Peterson Financial Group Inc. bought a new position in CubeSmart in the 3rd quarter worth $33,000. Finally, Brooklyn Investment Group purchased a new position in CubeSmart during the third quarter valued at $59,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Down 0.4 %

Shares of CUBE stock opened at $42.21 on Tuesday. The company’s fifty day simple moving average is $42.99 and its two-hundred day simple moving average is $47.61. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. The stock has a market cap of $9.54 billion, a P/E ratio of 23.84, a PEG ratio of 11.67 and a beta of 0.87. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were paid a dividend of $0.52 per share. 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 yield of 4.93%. CubeSmart’s dividend payout ratio is presently 117.51%.

Analysts Set New Price Targets

CUBE has been the subject of a number of analyst reports. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Wells Fargo & Company increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Royal Bank of Canada lowered their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Scotiabank reduced their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their target price for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CubeSmart has a consensus rating of “Hold” and a consensus 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.