Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Holdings in CubeSmart (NYSE:CUBE)

Posted by Defense World Staff on Aug 13th, 2023

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of CubeSmart (NYSE:CUBE – Free Report) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,674 shares of the real estate investment trust’s stock after purchasing an additional 4,467 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in CubeSmart were worth $4,977,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. DAVENPORT & Co LLC acquired a new stake in shares of CubeSmart in the first quarter worth $5,280,000. Virtu Financial LLC acquired a new stake in shares of CubeSmart in the first quarter worth $584,000. Lockheed Martin Investment Management Co. increased its position in shares of CubeSmart by 11.7% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 15,319 shares of the real estate investment trust’s stock worth $616,000 after acquiring an additional 1,600 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of CubeSmart by 5.4% in the fourth quarter. JPMorgan Chase & Co. now owns 5,349,976 shares of the real estate investment trust’s stock worth $215,335,000 after acquiring an additional 275,450 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of CubeSmart by 10.9% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,460 shares of the real estate investment trust’s stock worth $1,593,000 after acquiring an additional 3,397 shares in the last quarter. Hedge funds and other institutional investors own 99.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CUBE. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $54.00 to $52.00 in a research report on Thursday, April 20th. StockNews.com began coverage on shares of CubeSmart in a report on Thursday, May 18th. They set a “hold” rating for the company. Wells Fargo & Company lowered their price target on shares of CubeSmart from $50.00 to $46.00 and set an “overweight” rating for the company in a report on Monday, August 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of CubeSmart from $50.00 to $48.00 in a research note on Tuesday, June 13th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $48.33.

Get Our Latest Analysis on CUBE

Insider Transactions at CubeSmart

In related news, insider Jeffrey P. Foster sold 15,000 shares of CubeSmart stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $45.05, for a total value of $675,750.00. Following the sale, the insider now directly owns 169,112 shares in the company, valued at approximately $7,618,495.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Jeffrey P. Foster sold 15,000 shares of CubeSmart stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $45.05, for a total value of $675,750.00. Following the sale, the insider now directly owns 169,112 shares in the company, valued at approximately $7,618,495.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Christopher P. Marr sold 16,948 shares of CubeSmart stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $45.10, for a total transaction of $764,354.80. Following the completion of the sale, the chief executive officer now owns 480,960 shares in the company, valued at $21,691,296. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.

CubeSmart Trading Up 0.3 %

CubeSmart stock opened at $42.06 on Friday. The firm’s 50-day moving average is $44.24 and its 200-day moving average is $45.32. 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 has a 1 year low of $36.82 and a 1 year high of $51.08. The company has a market cap of $9.46 billion, a P/E ratio of 24.45, a PEG ratio of 2.52 and a beta of 0.57.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a $0.49 dividend. The ex-dividend date is Friday, September 29th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.66%. CubeSmart’s payout ratio is currently 113.95%.

CubeSmart Company Profile

(Free Report)

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.