Handelsbanken Fonder AB Boosts Holdings in CubeSmart (NYSE:CUBE)

Handelsbanken Fonder AB grew its stake in shares of CubeSmart (NYSE:CUBE) by 29.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 67,834 shares of the real estate investment trust’s stock after acquiring an additional 15,500 shares during the period. Handelsbanken Fonder AB’s holdings in CubeSmart were worth $3,144,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Cary Street Partners Investment Advisory LLC boosted its position in shares of CubeSmart by 22.3% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 5,761 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 1,051 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of CubeSmart by 30.6% in the 4th quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust’s stock worth $22,633,000 after buying an additional 113,571 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of CubeSmart in the 4th quarter worth about $1,370,000. DAVENPORT & Co LLC boosted its position in shares of CubeSmart by 24.4% in the 4th quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust’s stock worth $5,781,000 after buying an additional 24,483 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its position in shares of CubeSmart by 95.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 75,900 shares of the real estate investment trust’s stock worth $2,894,000 after buying an additional 37,086 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Down 1.5 %

NYSE CUBE opened at $40.76 on Friday. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The company has a 50-day moving average of $43.70 and a 200-day moving average of $42.28. 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 company has a market cap of $9.17 billion, a P/E ratio of 22.64 and a beta of 0.69.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date was Thursday, March 28th. CubeSmart’s payout ratio is currently 113.33%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Barclays assumed coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price for the company. Jefferies Financial Group raised shares of CubeSmart from a “hold” rating to a “buy” rating and boosted their target price for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Wells Fargo & Company boosted their target price on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, April 5th. Evercore ISI boosted their target price on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a research note on Monday, March 4th. Finally, Raymond James reissued an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $46.33.

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.