Harvest Fund Management Co. Ltd Trims Stake in CubeSmart (NYSE:CUBE)

Harvest Fund Management Co. Ltd lowered its holdings in CubeSmart (NYSE:CUBE) by 60.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 large investors have also recently modified their holdings of the business. Deutsche Bank AG raised its stake in CubeSmart by 1,915.7% in the third quarter. Deutsche Bank AG now owns 3,058,193 shares of the real estate investment trust’s stock valued at $116,609,000 after purchasing an additional 2,906,478 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of CubeSmart by 54.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,898,429 shares of the real estate investment trust’s stock worth $148,647,000 after acquiring an additional 1,369,438 shares during the last quarter. Schroder Investment Management Group purchased a new position in CubeSmart in the third quarter worth $33,972,000. Massachusetts Financial Services Co. MA increased its stake in CubeSmart by 92.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,841,190 shares of the real estate investment trust’s stock valued at $70,205,000 after acquiring an additional 886,616 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in CubeSmart by 29,910.3% during the third quarter. Lazard Asset Management LLC now owns 604,408 shares of the real estate investment trust’s stock valued at $23,044,000 after purchasing an additional 602,394 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

CUBE has been the topic of several recent research reports. Barclays started coverage on CubeSmart in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, April 5th. Jefferies Financial Group raised shares of CubeSmart from a “hold” rating to a “buy” rating and upped their price objective for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Evercore ISI lifted their target price on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, March 4th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.33.

CubeSmart Stock Down 1.5 %

NYSE CUBE opened at $40.76 on Friday. The business’s 50-day moving average is $43.70 and its 200 day moving average is $42.28. The stock 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 1 year low of $33.17 and a 1 year high of $47.81.

CubeSmart Dividend Announcement

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

About CubeSmart

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.