Allspring Global Investments Holdings LLC Sells 97,257 Shares of CubeSmart (NYSE:CUBE)

Allspring Global Investments Holdings LLC lowered its stake in CubeSmart (NYSE:CUBE) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,992,588 shares of the real estate investment trust’s stock after selling 97,257 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CubeSmart were worth $207,724,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CUBE. Versant Capital Management Inc lifted its stake in CubeSmart by 9,614.3% in 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. grew its stake in shares of CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 289 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of CubeSmart by 302.0% during the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 444 shares in the last quarter. Peterson Financial Group Inc. bought a new position in shares of CubeSmart in the 3rd quarter valued at $33,000. Finally, Brooklyn Investment Group bought a new stake in CubeSmart during the 3rd quarter worth $59,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CUBE opened at $42.30 on Wednesday. The business’s 50 day moving average price is $42.87 and its two-hundred day moving average price is $47.57. The firm has a market cap of $9.57 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 11.67 and a beta of 0.87. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.92%. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date was Thursday, January 2nd. CubeSmart’s payout ratio is presently 117.51%.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of recent research reports. Royal Bank of Canada cut their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Wells Fargo & Company increased their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Scotiabank reduced their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Finally, Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and cut their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average 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.