Federated Hermes Inc. Buys 5,448 Shares of CubeSmart (NYSE:CUBE)

Federated Hermes Inc. raised its stake in CubeSmart (NYSE:CUBE) by 16.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,918 shares of the real estate investment trust’s stock after purchasing an additional 5,448 shares during the period. Federated Hermes Inc.’s holdings in CubeSmart were worth $1,757,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CUBE. Ceredex Value Advisors LLC acquired a new position in shares of CubeSmart during the fourth quarter worth approximately $37,000. Private Trust Co. NA lifted its stake in shares of 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 valued at $64,000 after buying an additional 898 shares in the last quarter. Covestor Ltd grew its holdings in shares of CubeSmart by 65.8% during the third quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 573 shares during the last quarter. ZRC Wealth Management LLC bought a new stake in shares of CubeSmart during the fourth quarter worth about $104,000. Finally, Whitaker Myers Wealth Managers LTD. acquired a new stake in shares of CubeSmart in the 4th quarter worth about $205,000. 97.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on CUBE. Barclays started coverage on CubeSmart in a research note on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on CubeSmart in a research report on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price target for the company. Jefferies Financial Group raised shares of CubeSmart from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. Wells Fargo & Company increased their target price 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. Finally, Raymond James restated an “outperform” rating and set a $48.00 price target on shares of CubeSmart in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.33.

CubeSmart Trading Up 1.2 %

NYSE:CUBE opened at $41.24 on Tuesday. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. 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 firm’s 50 day moving average is $43.66 and its 200 day moving average is $42.35. The stock has a market capitalization of $9.28 billion, a PE ratio of 22.91 and a beta of 0.69.

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 paid a $0.51 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 4.95%. CubeSmart’s payout ratio is presently 113.33%.

CubeSmart Company 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.