Foster & Motley Inc. Decreases Stake in CubeSmart (NYSE:CUBE)

Foster & Motley Inc. lowered its position in CubeSmart (NYSE:CUBE) by 68.5% during the fourth quarter, HoldingsChannel reports. The firm owned 4,532 shares of the real estate investment trust’s stock after selling 9,840 shares during the period. Foster & Motley Inc.’s holdings in CubeSmart were worth $210,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CUBE. Signaturefd LLC raised its holdings in shares of CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 292 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of CubeSmart during the 4th quarter worth $37,000. Covestor Ltd raised its holdings in shares of CubeSmart by 65.8% during the 3rd quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 573 shares during the period. Private Trust Co. NA raised its holdings in shares of 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. Finally, ZRC Wealth Management LLC purchased a new position in shares of CubeSmart during the 4th quarter worth $104,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Barclays assumed coverage on CubeSmart in a report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price target on the stock. Truist Financial raised their price objective on CubeSmart from $43.00 to $46.00 and gave the stock a “hold” rating in a research report on Thursday, December 28th. Deutsche Bank Aktiengesellschaft assumed coverage on CubeSmart in a research report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective for the company. Jefferies Financial Group raised CubeSmart from a “hold” rating to a “buy” rating and raised their price objective for the stock from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Finally, Raymond James reissued an “outperform” rating and set a $48.00 price objective on shares of CubeSmart in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $46.33.

CubeSmart Stock Performance

NYSE CUBE opened at $41.38 on Friday. The company has a market cap of $9.31 billion, a P/E ratio of 22.86 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The stock has a 50-day moving average of $43.81 and a two-hundred day moving average of $42.26. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.93%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio is currently 112.71%.

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.