Harvest Fund Management Co. Ltd Cuts Stock Holdings in CubeSmart (NYSE:CUBE)

Harvest Fund Management Co. Ltd lessened its stake in shares of CubeSmart (NYSE:CUBE) by 60.6% in the 4th quarter, Holdings Channel reports. The firm owned 805 shares of the real estate investment trust’s stock after selling 1,239 shares during the period. Harvest Fund Management Co. Ltd’s holdings in CubeSmart were worth $37,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC purchased a new position in shares of CubeSmart in the fourth quarter valued at $28,000. Signaturefd LLC grew its stake in shares of CubeSmart by 72.5% in the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 292 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of CubeSmart in the 4th quarter worth about $37,000. Private Trust Co. NA raised its position in shares of CubeSmart by 182.9% during the 4th quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock valued at $64,000 after buying an additional 898 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of CubeSmart by 65.8% in the 3rd quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 573 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Down 1.5 %

CUBE stock opened at $40.76 on Friday. The company has a market capitalization of $9.17 billion, a PE ratio of 22.64 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The firm’s 50-day moving average is $43.70 and its 200 day moving average is $42.28.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Analyst Ratings Changes

CUBE has been the topic of several analyst reports. Evercore ISI boosted their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Deutsche Bank Aktiengesellschaft assumed coverage on CubeSmart in a research report on Tuesday, January 30th. They set a “sell” rating and a $40.00 target price on the stock. Raymond James restated an “outperform” rating and issued a $48.00 price target on shares of CubeSmart in a research report on Thursday, March 28th. Jefferies Financial Group upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and boosted their price objective for the company from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Finally, Barclays assumed coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.33.

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.