DAVENPORT & Co LLC Trims Stake in CubeSmart (NYSE:CUBE)

DAVENPORT & Co LLC reduced its position in CubeSmart (NYSE:CUBE) by 3.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 102,859 shares of the real estate investment trust’s stock after selling 3,303 shares during the period. DAVENPORT & Co LLC’s holdings in CubeSmart were worth $4,407,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc raised its stake in CubeSmart by 9,614.3% during the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 673 shares during the last quarter. Blue Trust Inc. raised its stake in CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 289 shares during the last quarter. UMB Bank n.a. raised its stake in CubeSmart by 302.0% during the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 444 shares during the last quarter. Peterson Financial Group Inc. purchased a new position in shares of CubeSmart during the 3rd quarter worth approximately $33,000. Finally, Brooklyn Investment Group purchased a new position in shares of CubeSmart during the 3rd quarter worth approximately $59,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

CubeSmart stock opened at $41.49 on Tuesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a fifty day moving average of $43.76 and a two-hundred day moving average of $47.81. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of 23.44, a PEG ratio of 11.48 and a beta of 0.87. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14.

CubeSmart Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.52 per share. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 annualized dividend and a yield of 5.01%. CubeSmart’s dividend payout ratio (DPR) is presently 117.51%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CUBE shares. Royal Bank of Canada cut their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Barclays cut their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Scotiabank cut their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and cut their target price for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Wells Fargo & Company raised their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.73.

CubeSmart Company 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.