Credit Suisse AG Acquires 138,088 Shares of CubeSmart (NYSE:CUBE)

Posted by Defense World Staff on Jun 9th, 2023

Credit Suisse AG lifted its holdings in shares of CubeSmart (NYSE:CUBE – Get Rating) by 52.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 401,406 shares of the real estate investment trust’s stock after purchasing an additional 138,088 shares during the period. Credit Suisse AG owned 0.18% of CubeSmart worth $16,157,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of CubeSmart by 4.9% during the first quarter. Vanguard Group Inc. now owns 32,178,558 shares of the real estate investment trust’s stock valued at $1,674,250,000 after acquiring an additional 1,515,436 shares during the period. Principal Financial Group Inc. lifted its stake in shares of CubeSmart by 2.5% during the fourth quarter. Principal Financial Group Inc. now owns 12,925,308 shares of the real estate investment trust’s stock valued at $520,244,000 after acquiring an additional 314,657 shares during the period. State Street Corp lifted its stake in shares of CubeSmart by 17.8% during the first quarter. State Street Corp now owns 9,546,060 shares of the real estate investment trust’s stock valued at $500,702,000 after acquiring an additional 1,440,138 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of CubeSmart by 5.4% during the fourth quarter. JPMorgan Chase & Co. now owns 5,349,976 shares of the real estate investment trust’s stock valued at $215,335,000 after acquiring an additional 275,450 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of CubeSmart by 12.7% during the third quarter. Alliancebernstein L.P. now owns 4,368,206 shares of the real estate investment trust’s stock valued at $174,990,000 after acquiring an additional 491,598 shares during the period. Institutional investors own 93.62% of the company’s stock.

Insider Buying and Selling

In other CubeSmart news, insider Jeffrey P. Foster sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $45.05, for a total value of $675,750.00. Following the completion of the transaction, the insider now directly owns 169,112 shares in the company, valued at $7,618,495.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Timothy M. Martin sold 42,537 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $45.87, for a total value of $1,951,172.19. Following the completion of the sale, the chief financial officer now directly owns 278,631 shares of the company’s stock, valued at $12,780,803.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeffrey P. Foster sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $45.05, for a total value of $675,750.00. Following the completion of the sale, the insider now directly owns 169,112 shares of the company’s stock, valued at $7,618,495.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,485 shares of company stock worth $3,391,277. 1.45% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CUBE has been the topic of several research reports. Raymond James lowered CubeSmart from a “strong-buy” rating to an “outperform” rating and set a $55.00 price target on the stock. in a research note on Tuesday, April 4th. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating and cut their target price for the company from $54.00 to $52.00 in a research note on Thursday, April 20th. Wolfe Research downgraded CubeSmart from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 12th. StockNews.com started coverage on CubeSmart in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Truist Financial increased their price target on CubeSmart from $46.00 to $47.00 and gave the stock a “hold” rating in a report on Wednesday, March 8th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, CubeSmart currently has a consensus rating of “Hold” and an average target price of $48.71.

CubeSmart Stock Down 1.6 %

NYSE:CUBE opened at $44.69 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.05 and a current ratio of 0.05. The company has a market cap of $10.04 billion, a PE ratio of 28.83, a PEG ratio of 3.93 and a beta of 0.58. CubeSmart has a 52-week low of $36.82 and a 52-week high of $51.08. The stock has a 50-day simple moving average of $45.74 and a 200 day simple moving average of $44.31.

CubeSmart Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.39%. CubeSmart’s payout ratio is presently 126.45%.

CubeSmart Company Profile

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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.