Sumitomo Mitsui Trust Holdings Inc. Sells 328,162 Shares of CubeSmart (NYSE:CUBE)

Sumitomo Mitsui Trust Holdings Inc. decreased its stake in CubeSmart (NYSE:CUBE) by 27.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 881,317 shares of the real estate investment trust’s stock after selling 328,162 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.39% of CubeSmart worth $40,849,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Ceredex Value Advisors LLC bought a new position in CubeSmart during the 4th quarter worth approximately $37,000. Quarry LP bought a new position in CubeSmart during the second quarter worth $37,000. Sunbelt Securities Inc. bought a new position in CubeSmart during the first quarter worth $46,000. Covestor Ltd lifted its holdings in CubeSmart by 65.8% in the third quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 573 shares during the period. Finally, Private Trust Co. NA grew its holdings in CubeSmart by 182.9% during the 4th quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock worth $64,000 after acquiring an additional 898 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Price Performance

CUBE opened at $42.05 on Friday. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81. The firm has a 50-day moving average of $43.89 and a 200 day moving average of $42.13. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The firm has a market cap of $9.46 billion, a P/E ratio of 23.23 and a beta of 0.69.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio is currently 112.71%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CUBE shares. Evercore ISI upped their target price on CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, March 4th. Truist Financial raised their price objective on shares of CubeSmart from $43.00 to $46.00 and gave the stock a “hold” rating in a research report on Thursday, December 28th. Wells Fargo & Company boosted their target price on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, April 5th. Barclays initiated coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, CubeSmart currently has an average rating of “Hold” and an average target price of $46.33.

CubeSmart 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.