Handelsbanken Fonder AB Buys 15,500 Shares of CubeSmart (NYSE:CUBE)

Handelsbanken Fonder AB raised its stake in CubeSmart (NYSE:CUBE) by 29.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 67,834 shares of the real estate investment trust’s stock after purchasing an additional 15,500 shares during the quarter. Handelsbanken Fonder AB’s holdings in CubeSmart were worth $3,144,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CUBE. Oak Thistle LLC bought a new stake in CubeSmart in the third quarter valued at approximately $683,000. Lake Street Financial LLC lifted its stake in CubeSmart by 7.2% in the third quarter. Lake Street Financial LLC now owns 38,929 shares of the real estate investment trust’s stock worth $1,505,000 after acquiring an additional 2,601 shares during the period. Copeland Capital Management LLC lifted its stake in CubeSmart by 1.8% in the third quarter. Copeland Capital Management LLC now owns 571,237 shares of the real estate investment trust’s stock worth $21,781,000 after acquiring an additional 9,967 shares during the period. Commonwealth Equity Services LLC lifted its stake in CubeSmart by 1.3% in the third quarter. Commonwealth Equity Services LLC now owns 181,903 shares of the real estate investment trust’s stock worth $6,936,000 after acquiring an additional 2,273 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its stake in CubeSmart by 2,376.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 200,000 shares of the real estate investment trust’s stock worth $7,626,000 after acquiring an additional 191,925 shares during the period. Institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

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

CubeSmart Stock Down 1.5 %

NYSE CUBE opened at $40.76 on Friday. The stock’s 50 day moving average is $43.70 and its 200 day moving average is $42.28. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 12 month low of $33.17 and a 12 month 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 company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s payout ratio is 113.33%.

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.