Mutual of America Capital Management LLC Has $5.57 Million Position in CubeSmart (NYSE:CUBE)

Mutual of America Capital Management LLC reduced its stake in shares of CubeSmart (NYSE:CUBEFree Report) by 10.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,100 shares of the real estate investment trust’s stock after selling 17,461 shares during the quarter. Mutual of America Capital Management LLC’s holdings in CubeSmart were worth $5,571,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of CubeSmart during the fourth quarter valued at $293,769,000. Capital Research Global Investors bought a new position in CubeSmart during the 1st quarter valued at about $137,023,000. Morgan Stanley boosted its position in CubeSmart by 181.1% in the fourth quarter. Morgan Stanley now owns 3,098,613 shares of the real estate investment trust’s stock valued at $124,719,000 after buying an additional 1,996,294 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in CubeSmart by 96.6% during the second 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 last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of CubeSmart by 4.9% during the first 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 in the last quarter. 96.66% of the stock is owned by institutional investors.

CubeSmart Stock Down 0.2 %

CubeSmart stock opened at $43.96 on Monday. The firm has a market capitalization of $9.88 billion, a price-to-earnings ratio of 26.32, a PEG ratio of 2.95 and a beta of 0.70. The company’s 50 day simple moving average is $44.74 and its 200 day simple moving average is $41.13. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.04 and a quick ratio of 0.04. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $48.93.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd were issued a $0.51 dividend. This is a positive change from CubeSmart’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Friday, December 29th. This represents a $2.04 annualized dividend and a dividend yield of 4.64%. CubeSmart’s payout ratio is 122.16%.

Analysts Set New Price Targets

Several brokerages have recently commented on CUBE. Bank of America lowered CubeSmart from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $51.00 to $38.00 in a research report on Monday, October 30th. Wells Fargo & Company raised their price target on shares of CubeSmart from $37.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, December 12th. Evercore ISI cut shares of CubeSmart from an “outperform” rating to an “in-line” rating and boosted their price objective for the stock from $42.00 to $43.00 in a research report on Monday, December 11th. Jefferies Financial Group raised CubeSmart from a “hold” rating to a “buy” rating and upped their price target for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Finally, Raymond James decreased their price target on CubeSmart from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $45.36.

Get Our Latest Research Report on CubeSmart

CubeSmart Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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