CubeSmart (NYSE:CUBE) Stake Trimmed by Shell Asset Management Co.

Shell Asset Management Co. Trims Stake in CubeSmart by 8.5%

In a recent disclosure with the Securities & Exchange Commission, Shell Asset Management Co. revealed that it has trimmed its stake in CubeSmart (NYSE:CUBE) by 8.5% in the fourth quarter. The institutional investor now owns 18,045 shares of the real estate investment trust’s stock after selling 1,683 shares during the quarter, with a total value of $836,000.

Other hedge funds and institutional investors have also made changes to their positions in CubeSmart. Cary Street Partners Investment Advisory LLC boosted its stake by 22.3% in the third quarter, while Nordea Investment Management AB increased its stake by 30.6% in the fourth quarter. Lecap Asset Management Ltd. and Evoke Wealth LLC both acquired new positions in CubeSmart during the fourth quarter, while DAVENPORT & Co LLC boosted its stake by 24.4%.

CubeSmart Trading Up 1.2%

Shares of CubeSmart stock opened at $43.03 on Wednesday, with a market capitalization of $9.68 billion. The company has a P/E ratio of 23.91, a P/E/G ratio of 5.17, and a beta of 0.77. CubeSmart’s stock has a twelve month low of $33.17 and a twelve month high of $47.81.

CubeSmart Dividend Announcement

CubeSmart recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will receive a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.74%. CubeSmart’s payout ratio is 113.33%.

Analyst Ratings Changes

Several research analysts have recently commented on CubeSmart. Raymond James reiterated an “outperform” rating, while Evercore ISI and Wells Fargo & Company lifted their price targets on the stock. BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating, and Barclays initiated coverage with an “equal weight” rating. Overall, CubeSmart has an average rating of “Hold” with a consensus price target of $46.17.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust that offers affordable, easily accessible, and 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.

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