Nordea Investment Management AB Sells 54,937 Shares of CubeSmart $CUBE

Nordea Investment Management AB trimmed its position in CubeSmart (NYSE:CUBE) by 12.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 390,741 shares of the real estate investment trust’s stock after selling 54,937 shares during the quarter. Nordea Investment Management AB owned 0.17% of CubeSmart worth $14,074,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tudor Investment Corp ET AL acquired a new stake in CubeSmart during the third quarter worth $8,171,000. Lindenwold Advisors INC raised its stake in shares of CubeSmart by 41.9% in the 3rd quarter. Lindenwold Advisors INC now owns 20,658 shares of the real estate investment trust’s stock valued at $840,000 after buying an additional 6,098 shares in the last quarter. Hudson Bay Capital Management LP lifted its holdings in shares of CubeSmart by 44.0% during the 3rd quarter. Hudson Bay Capital Management LP now owns 923,539 shares of the real estate investment trust’s stock worth $37,551,000 after acquiring an additional 282,308 shares during the period. Swiss Life Asset Management Ltd boosted its position in shares of CubeSmart by 79.7% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 10,589 shares of the real estate investment trust’s stock valued at $431,000 after acquiring an additional 4,696 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in shares of CubeSmart by 105.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,296 shares of the real estate investment trust’s stock valued at $93,000 after acquiring an additional 1,181 shares in the last quarter. 97.61% of the stock is owned by institutional investors.

CubeSmart Trading Down 2.4%

Shares of CUBE stock opened at $36.25 on Wednesday. The company has a market capitalization of $8.23 billion, a P/E ratio of 25.00 and a beta of 1.10. CubeSmart has a 12-month low of $34.24 and a 12-month high of $44.13. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average price of $38.88 and a 200 day moving average price of $38.52.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be paid a $0.53 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.8%. CubeSmart’s payout ratio is 146.21%.

Insider Activity

In other news, insider Jeffrey P. Foster sold 23,148 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $41.02, for a total value of $949,530.96. Following the transaction, the insider directly owned 205,057 shares of the company’s stock, valued at $8,411,438.14. The trade was a 10.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.69% of the company’s stock.

Analysts Set New Price Targets

CUBE has been the subject of several recent research reports. Royal Bank Of Canada increased their price target on shares of CubeSmart from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Truist Financial decreased their price objective on CubeSmart from $48.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, December 16th. Wall Street Zen lowered CubeSmart from a “hold” rating to a “sell” rating in a research note on Sunday, March 1st. Wolfe Research cut CubeSmart from an “outperform” rating to a “peer perform” rating in a report on Monday, January 26th. Finally, Deutsche Bank Aktiengesellschaft downgraded CubeSmart from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a research report on Tuesday, January 20th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $43.64.

CubeSmart Company Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.