Lasalle Investment Management Securities LLC lifted its stake in CubeSmart (NYSE:CUBE – Free Report) by 19.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,291,212 shares of the real estate investment trust’s stock after purchasing an additional 210,861 shares during the period. CubeSmart comprises about 1.9% of Lasalle Investment Management Securities LLC’s holdings, making the stock its 20th largest holding. Lasalle Investment Management Securities LLC’s holdings in CubeSmart were worth $47,323,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in CubeSmart during the 4th quarter worth about $395,968,000. Geode Capital Management LLC boosted its stake in shares of CubeSmart by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 4,714,128 shares of the real estate investment trust’s stock valued at $169,975,000 after buying an additional 52,207 shares during the period. Alyeska Investment Group L.P. boosted its stake in shares of CubeSmart by 36.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,283,952 shares of the real estate investment trust’s stock valued at $174,185,000 after buying an additional 1,143,464 shares during the period. Cbre Investment Management Listed Real Assets LLC grew its position in shares of CubeSmart by 3.1% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,469,724 shares of the real estate investment trust’s stock worth $125,084,000 after buying an additional 105,105 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of CubeSmart by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,412,567 shares of the real estate investment trust’s stock worth $123,023,000 after buying an additional 171,539 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.
CubeSmart Price Performance
Shares of NYSE CUBE opened at $41.13 on Thursday. The stock’s 50-day simple moving average is $40.44 and its 200-day simple moving average is $39.28. The firm has a market capitalization of $9.31 billion, a PE ratio of 28.96, a price-to-earnings-growth ratio of 7.08 and a beta of 1.08. CubeSmart has a fifty-two week low of $35.09 and a fifty-two week high of $42.90. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.04 and a current ratio of 0.04.
CubeSmart Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 5.2%. The ex-dividend date was Wednesday, July 1st. CubeSmart’s payout ratio is currently 149.30%.
Analyst Ratings Changes
A number of analysts recently weighed in on CUBE shares. Mizuho upped their target price on shares of CubeSmart from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. UBS Group lifted their price target on shares of CubeSmart from $41.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, July 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of CubeSmart in a report on Wednesday, July 15th. Barclays raised shares of CubeSmart from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $45.00 to $46.00 in a research report on Friday, July 10th. Finally, Raymond James Financial initiated coverage on shares of CubeSmart in a report on Wednesday, July 15th. They issued an “outperform” rating and a $44.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.25.
View Our Latest Research Report on CUBE
CubeSmart Company 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.
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