Greenland Capital Management LP Sells 75,423 Shares of CubeSmart $CUBE

Greenland Capital Management LP lowered its stake in shares of CubeSmart (NYSE:CUBE) by 91.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,000 shares of the real estate investment trust’s stock after selling 75,423 shares during the period. Greenland Capital Management LP’s holdings in CubeSmart were worth $285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new stake in CubeSmart in the 2nd quarter worth approximately $458,008,000. Aew Capital Management L P grew its holdings in shares of CubeSmart by 164,585.0% in the second quarter. Aew Capital Management L P now owns 658,740 shares of the real estate investment trust’s stock valued at $27,996,000 after purchasing an additional 658,340 shares in the last quarter. Hazelview Securities Inc. purchased a new position in shares of CubeSmart in the second quarter valued at $21,643,000. Mitsubishi UFJ Trust & Banking Corp increased its position in CubeSmart by 13,418.0% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 429,738 shares of the real estate investment trust’s stock worth $18,264,000 after purchasing an additional 426,559 shares during the last quarter. Finally, Engineers Gate Manager LP increased its position in CubeSmart by 4,329.6% in the second quarter. Engineers Gate Manager LP now owns 363,224 shares of the real estate investment trust’s stock worth $15,437,000 after purchasing an additional 355,024 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 0.8%

Shares of NYSE CUBE opened at $39.97 on Wednesday. The business has a fifty day moving average price of $37.66 and a 200 day moving average price of $38.65. CubeSmart has a 1-year low of $34.24 and a 1-year high of $44.13. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.47 and a quick ratio of 0.47. The stock has a market capitalization of $9.11 billion, a P/E ratio of 25.62, a price-to-earnings-growth ratio of 12.16 and a beta of 1.12.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.3%. CubeSmart’s dividend payout ratio (DPR) is presently 135.90%.

Analysts Set New Price Targets

Several research firms recently commented on CUBE. Mizuho lowered their price target on CubeSmart from $43.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, December 5th. KeyCorp reissued a “sector weight” rating on shares of CubeSmart in a research note on Monday, November 10th. Barclays lowered their target price on shares of CubeSmart from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Tuesday, January 13th. Wolfe Research downgraded shares of CubeSmart from an “outperform” rating to a “peer perform” rating in a report on Monday, January 26th. Finally, Truist Financial reduced their price objective on shares of CubeSmart from $48.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, December 16th. Five investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $44.13.

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.