Truist Financial Corp Sells 191,145 Shares of CubeSmart (NYSE:CUBE)

Truist Financial Corp trimmed its holdings in CubeSmart (NYSE:CUBE) by 21.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 706,959 shares of the real estate investment trust’s stock after selling 191,145 shares during the quarter. Truist Financial Corp owned 0.31% of CubeSmart worth $30,293,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CUBE. Versant Capital Management Inc boosted its position in shares of CubeSmart by 9,614.3% in the fourth 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 period. Blue Trust Inc. lifted its position in CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 289 shares during the period. Peterson Financial Group Inc. bought a new position in CubeSmart in the third quarter worth $33,000. UMB Bank n.a. lifted its position in CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 351 shares during the period. Finally, Brooklyn Investment Group bought a new position in CubeSmart in the third quarter worth $59,000. 97.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CUBE has been the subject of several research reports. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and reduced their target price for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and reduced their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Royal Bank of Canada reduced 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 reduced 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. Finally, Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and dropped 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $49.73.

CubeSmart Stock Performance

Shares of NYSE:CUBE opened at $41.56 on Wednesday. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The firm has a market cap of $9.40 billion, a PE ratio of 23.48, 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. The business has a fifty day moving average of $42.29 and a 200-day moving average of $47.35.

CubeSmart Increases Dividend

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

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.