Credit Suisse AG Has $19.01 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Posted by Defense World Staff on Aug 25th, 2023

Credit Suisse AG grew its holdings in CubeSmart (NYSE:CUBE – Free Report) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 411,320 shares of the real estate investment trust’s stock after buying an additional 9,914 shares during the quarter. Credit Suisse AG owned 0.18% of CubeSmart worth $19,011,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. DAVENPORT & Co LLC acquired a new stake in shares of CubeSmart during the 1st quarter worth about $5,280,000. Virtu Financial LLC bought a new stake in CubeSmart during the 1st quarter worth about $584,000. Lockheed Martin Investment Management Co. grew its holdings in CubeSmart by 11.7% during the 4th 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 during the last quarter. JPMorgan Chase & Co. grew its holdings in CubeSmart by 5.4% during the 4th 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 during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in CubeSmart by 10.9% during the 1st 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 during the last quarter. Institutional investors and hedge funds own 99.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CUBE. Citigroup reduced their target price on shares of CubeSmart from $47.00 to $45.00 and set a “neutral” rating on the stock in a research note on Thursday. JPMorgan Chase & Co. reduced their target price on shares of CubeSmart from $50.00 to $48.00 in a research note on Tuesday, June 13th. StockNews.com began coverage on shares of CubeSmart in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company reduced their target price on shares of CubeSmart from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, August 7th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.00.

Check Out Our Latest Stock Report on CubeSmart

Insiders Place Their Bets

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

CubeSmart Price Performance

Shares of CUBE opened at $41.42 on Friday. The company has a market cap of $9.31 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 2.52 and a beta of 0.57. CubeSmart has a 1-year low of $36.82 and a 1-year high of $49.57. The company’s fifty day simple moving average is $43.73 and its 200 day simple moving average is $45.09. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 1.05.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a dividend of $0.49 per share. The ex-dividend date is Friday, September 29th. This represents a $1.96 dividend on an annualized basis and a yield of 4.73%. CubeSmart’s dividend payout ratio (DPR) is 113.95%.

CubeSmart 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.