TimesSquare Capital Management LLC Sells 55,710 Shares of CubeSmart (NYSE:CUBE)

TimesSquare Capital Management LLC decreased its holdings in shares of CubeSmart (NYSE:CUBE) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 989,855 shares of the real estate investment trust’s stock after selling 55,710 shares during the period. TimesSquare Capital Management LLC owned 0.44% of CubeSmart worth $42,415,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CUBE. Versant Capital Management Inc raised its position 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 purchasing an additional 673 shares during the last quarter. Blue Trust Inc. raised its position 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 purchasing an additional 289 shares during the last quarter. Peterson Financial Group Inc. bought a new position in CubeSmart during the 3rd quarter valued at approximately $33,000. UMB Bank n.a. raised its position in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 351 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of CubeSmart in the 3rd quarter worth approximately $59,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE opened at $41.56 on Wednesday. The business’s fifty day simple moving average is $42.29 and its two-hundred day simple moving average is $47.35. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The company has a market cap of $9.40 billion, a price-to-earnings ratio of 23.48, a P/E/G ratio of 11.47 and a beta of 0.87.

CubeSmart Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.00%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CUBE shares. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Barclays decreased their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Scotiabank reduced their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Finally, Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $49.73.

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.