Allspring Global Investments Holdings LLC Sells 25,448 Shares of CubeSmart $CUBE

Allspring Global Investments Holdings LLC decreased its stake in shares of CubeSmart (NYSE:CUBE) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,066,931 shares of the real estate investment trust’s stock after selling 25,448 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CubeSmart were worth $205,109,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its stake in CubeSmart by 50.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,383 shares of the real estate investment trust’s stock valued at $187,000 after acquiring an additional 1,465 shares during the last quarter. Vident Advisory LLC raised its holdings in shares of CubeSmart by 108.0% in the 1st quarter. Vident Advisory LLC now owns 13,424 shares of the real estate investment trust’s stock valued at $573,000 after purchasing an additional 6,970 shares during the period. Twin Tree Management LP acquired a new stake in CubeSmart in the 1st quarter valued at about $537,000. Royal Bank of Canada lifted its stake in CubeSmart by 1.3% in the 1st quarter. Royal Bank of Canada now owns 173,960 shares of the real estate investment trust’s stock valued at $7,429,000 after purchasing an additional 2,284 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in CubeSmart by 25.0% during the first quarter. Adage Capital Partners GP L.L.C. now owns 125,000 shares of the real estate investment trust’s stock worth $5,339,000 after purchasing an additional 25,000 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Truist Financial cut their price objective on CubeSmart from $48.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. UBS Group dropped their price target on CubeSmart from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 16th. KeyCorp reaffirmed a “sector weight” rating on shares of CubeSmart in a research report on Monday, November 10th. Deutsche Bank Aktiengesellschaft set a $45.00 price objective on shares of CubeSmart and gave the company a “buy” rating in a report on Monday, October 13th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of CubeSmart in a report on Monday, December 8th. Seven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, CubeSmart has a consensus rating of “Hold” and an average price target of $45.25.

CubeSmart Trading Up 1.0%

CUBE stock opened at $36.32 on Wednesday. CubeSmart has a 52 week low of $34.24 and a 52 week high of $44.13. The company has a market capitalization of $8.28 billion, a PE ratio of 23.28, a price-to-earnings-growth ratio of 7.97 and a beta of 1.11. The company’s 50-day simple moving average is $37.17 and its 200 day simple moving average is $39.66. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.47 and a current ratio of 0.47.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.65. CubeSmart had a net margin of 33.31% and a return on equity of 12.49%. The firm had revenue of $285.08 million during the quarter, compared to the consensus estimate of $282.57 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 16th. Investors of record on Friday, January 2nd will be given a dividend of $0.53 per share. This is an increase from CubeSmart’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend is Friday, January 2nd. CubeSmart’s dividend payout ratio (DPR) is currently 133.33%.

CubeSmart Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.