PGGM Investments Lowers Stake in CubeSmart (NYSE:CUBE)

PGGM Investments reduced its holdings in shares of CubeSmart (NYSE:CUBE) by 46.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 809,749 shares of the real estate investment trust’s stock after selling 713,797 shares during the period. PGGM Investments’ holdings in CubeSmart were worth $37,532,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CUBE. GAMMA Investing LLC purchased a new position in CubeSmart in the fourth quarter worth about $28,000. Signaturefd LLC raised its holdings in CubeSmart by 72.5% in the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 292 shares during the last quarter. Ceredex Value Advisors LLC purchased a new position in CubeSmart in the fourth quarter worth about $37,000. Covestor Ltd raised 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 worth $55,000 after buying an additional 573 shares during the last quarter. Finally, Private Trust Co. NA raised its holdings in CubeSmart by 182.9% in the fourth quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 898 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Price Performance

Shares of NYSE:CUBE traded down $0.62 during midday trading on Friday, reaching $40.76. 1,165,289 shares of the company were exchanged, compared to its average volume of 1,216,967. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The business’s fifty day moving average is $43.70 and its two-hundred day moving average is $42.28. CubeSmart has a one year low of $33.17 and a one year high of $47.81. The stock has a market cap of $9.17 billion, a PE ratio of 22.64 and a beta of 0.69.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.51 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.00%. CubeSmart’s dividend payout ratio is 113.33%.

Analyst Upgrades and Downgrades

CUBE has been the subject of several research reports. Evercore ISI boosted their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, March 4th. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. Jefferies Financial Group raised shares of CubeSmart from a “hold” rating to a “buy” rating and boosted their price objective for the company from $38.00 to $53.00 in a report on Tuesday, January 2nd. Barclays initiated coverage on shares of CubeSmart in a report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of CubeSmart in a report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.33.

About CubeSmart

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.