abrdn plc trimmed its position in CubeSmart (NYSE:CUBE – Get Rating) by 20.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,114 shares of the real estate investment trust’s stock after selling 10,566 shares during the period. abrdn plc’s holdings in CubeSmart were worth $1,615,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Allworth Financial LP boosted its stake in CubeSmart by 60.7% in the fourth quarter. Allworth Financial LP now owns 715 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 270 shares in the last quarter. HHM Wealth Advisors LLC boosted its stake in CubeSmart by 669.3% in the third quarter. HHM Wealth Advisors LLC now owns 777 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 676 shares in the last quarter. CWM LLC boosted its stake in CubeSmart by 46.9% in the fourth quarter. CWM LLC now owns 1,316 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 420 shares in the last quarter. Phocas Financial Corp. acquired a new stake in CubeSmart in the fourth quarter valued at approximately $72,000. Finally, Covestor Ltd lifted its stake in shares of CubeSmart by 781.0% during the first quarter. Covestor Ltd now owns 1,533 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 1,359 shares during the period. 93.62% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at CubeSmart
In other CubeSmart news, CFO Timothy M. Martin sold 42,537 shares of CubeSmart stock in a transaction on Friday, May 5th. The shares were sold at an average price of $45.87, for a total value of $1,951,172.19. Following the completion of the transaction, the chief financial officer now owns 278,631 shares of the company’s stock, valued at $12,780,803.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.45% of the stock is owned by corporate insiders.
CubeSmart Trading Down 1.2 %
CubeSmart Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Monday, July 3rd will be issued a dividend of $0.49 per share. The ex-dividend date of this dividend is Friday, June 30th. This represents a $1.96 annualized dividend and a dividend yield of 4.40%. CubeSmart’s dividend payout ratio (DPR) is presently 126.45%.
Analyst Upgrades and Downgrades
Several research firms have recently commented on CUBE. Truist Financial lifted their price objective on shares of CubeSmart from $46.00 to $47.00 and gave the stock a “hold” rating in a research note on Wednesday, March 8th. StockNews.com began coverage on shares of CubeSmart in a research note on Thursday, May 18th. They set a “hold” rating for the company. Wolfe Research downgraded shares of CubeSmart from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 12th. Raymond James downgraded shares of CubeSmart from a “strong-buy” rating to an “outperform” rating and set a $55.00 price objective for the company. in a research note on Tuesday, April 4th. Finally, BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $54.00 to $52.00 in a research note on Thursday, April 20th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, CubeSmart currently has an average rating of “Hold” and an average price target of $48.71.
About CubeSmart
CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.
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