Franklin Resources Inc. lifted its position in CubeSmart (NYSE:CUBE – Get Rating) by 12.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 198,302 shares of the real estate investment trust’s stock after buying an additional 22,566 shares during the quarter. Franklin Resources Inc. owned about 0.09% of CubeSmart worth $7,982,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of CUBE. Allworth Financial LP increased its position in CubeSmart by 60.7% during the fourth quarter. Allworth Financial LP now owns 715 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 270 shares during the period. CWM LLC increased its position in CubeSmart by 46.9% during the fourth quarter. CWM LLC now owns 1,316 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 420 shares during the period. Phocas Financial Corp. bought a new stake in CubeSmart in the 4th quarter valued at $72,000. CI Investments Inc. increased its holdings in CubeSmart by 65.4% in the 4th quarter. CI Investments Inc. now owns 1,922 shares of the real estate investment trust’s stock valued at $77,000 after buying an additional 760 shares during the period. Finally, Covestor Ltd increased its holdings in CubeSmart by 781.0% in the 1st quarter. Covestor Ltd now owns 1,533 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 1,359 shares during the period. Institutional investors own 93.62% of the company’s stock.
CubeSmart Stock Down 0.4 %
Shares of NYSE CUBE opened at $44.27 on Friday. The firm’s 50-day simple moving average is $45.75 and its 200 day simple moving average is $44.16. The company has a market cap of $9.95 billion, a price-to-earnings ratio of 28.56, a price-to-earnings-growth ratio of 3.85 and a beta of 0.58. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 1.06. CubeSmart has a 12-month low of $36.82 and a 12-month high of $51.08.
CubeSmart Dividend Announcement
Insider Buying and Selling
In related news, CFO Timothy M. Martin sold 42,537 shares of the company’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $45.87, for a total transaction of $1,951,172.19. Following the transaction, the chief financial officer now owns 278,631 shares in the company, valued at approximately $12,780,803.97. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.45% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the stock. Raymond James lowered shares of CubeSmart from a “strong-buy” rating to an “outperform” rating and set a $55.00 price target on the stock. in a report on Tuesday, April 4th. StockNews.com assumed coverage on shares of CubeSmart in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Wolfe Research lowered shares of CubeSmart from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 12th. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $54.00 to $52.00 in a report on Thursday, April 20th. Finally, Truist Financial upped their target price on shares of CubeSmart from $46.00 to $47.00 and gave the stock a “hold” rating in a report on Wednesday, March 8th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, CubeSmart has an average rating of “Hold” and an average target price 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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