Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stake in CubeSmart (NYSE:CUBE)

Sumitomo Mitsui DS Asset Management Company Ltd increased its position in CubeSmart (NYSE:CUBE) by 9.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 45,902 shares of the real estate investment trust’s stock after purchasing an additional 3,941 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in CubeSmart were worth $1,967,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in CubeSmart by 52.6% during the third quarter. GAMMA Investing LLC now owns 2,375 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 819 shares during the period. Atomi Financial Group Inc. bought a new position in shares of CubeSmart in the 3rd quarter worth about $219,000. UMB Bank n.a. lifted its position in CubeSmart by 302.0% during the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 444 shares during the period. Simplicity Wealth LLC bought a new stake in CubeSmart during the third quarter worth about $208,000. Finally, Creative Planning grew its holdings in CubeSmart by 14.4% in the third quarter. Creative Planning now owns 18,335 shares of the real estate investment trust’s stock worth $987,000 after purchasing an additional 2,307 shares during the period. 97.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CUBE shares. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Scotiabank lowered their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Royal Bank of Canada cut their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and lowered their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus target price of $49.73.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $42.21 on Tuesday. The firm’s 50-day moving average price is $42.99 and its 200-day moving average price is $47.61. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The company has a market cap of $9.54 billion, a PE ratio of 23.84, a PEG ratio of 11.67 and a beta of 0.87. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 annualized dividend and a yield of 4.93%. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

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.