Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of CubeSmart (NYSE:CUBE – Free Report) by 9.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,774 shares of the real estate investment trust’s stock after purchasing an additional 10,771 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned approximately 0.06% of CubeSmart worth $5,813,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of CUBE. Norges Bank acquired a new stake in shares of CubeSmart during the fourth quarter worth $293,769,000. Truist Financial Corp raised its position in shares of CubeSmart by 5,564.2% during the first quarter. Truist Financial Corp now owns 3,147,321 shares of the real estate investment trust’s stock worth $145,469,000 after purchasing an additional 3,091,756 shares during the period. Capital Research Global Investors purchased a new position in shares of CubeSmart during the first quarter valued at $137,023,000. Allspring Global Investments Holdings LLC grew its holdings in shares of CubeSmart by 2,945.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,421,558 shares of the real estate investment trust’s stock valued at $111,924,000 after buying an additional 2,342,038 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of CubeSmart by 181.1% during the fourth quarter. Morgan Stanley now owns 3,098,613 shares of the real estate investment trust’s stock valued at $124,719,000 after buying an additional 1,996,294 shares in the last quarter. 99.32% of the stock is owned by institutional investors and hedge funds.
CubeSmart Stock Performance
CUBE opened at $42.06 on Friday. The company has a market cap of $9.46 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 2.51 and a beta of 0.57. The stock has a 50-day moving average of $44.24 and a 200-day moving average of $45.31. CubeSmart has a 52-week low of $36.82 and a 52-week high of $51.08. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.05 and a current ratio of 0.05.
CubeSmart Dividend Announcement
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on CUBE shares. JPMorgan Chase & Co. lowered their price target on CubeSmart from $50.00 to $48.00 in a report on Tuesday, June 13th. StockNews.com started coverage on CubeSmart in a report on Thursday, May 18th. They set a “hold” rating on the stock. Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Monday, August 7th. Finally, BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $54.00 to $52.00 in a research note on Thursday, April 20th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, CubeSmart has a consensus rating of “Hold” and a consensus target price of $48.33.
Read Our Latest Analysis on CUBE
Insider Transactions at CubeSmart
In related news, insider Jeffrey P. Foster sold 15,000 shares of the business’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $45.05, for a total transaction of $675,750.00. Following the completion of the transaction, the insider now owns 169,112 shares of the company’s stock, valued at approximately $7,618,495.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other CubeSmart news, CEO Christopher P. Marr sold 16,948 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $45.10, for a total value of $764,354.80. Following the completion of the transaction, the chief executive officer now owns 480,960 shares of the company’s stock, valued at approximately $21,691,296. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jeffrey P. Foster sold 15,000 shares of the company’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 transaction, the insider now directly owns 169,112 shares of the company’s stock, valued at approximately $7,618,495.60. The disclosure for this sale can be found here. 1.45% of the stock is currently owned by corporate insiders.
CubeSmart 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.
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