Cbre Clarion Securities LLC Has $162.40 Million Position in CubeSmart (NYSE:CUBE)

Cbre Clarion Securities LLC trimmed its position in shares of CubeSmart (NYSE:CUBE) by 2.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,292,795 shares of the real estate investment trust’s stock after selling 100,831 shares during the quarter. CubeSmart comprises about 3.2% of Cbre Clarion Securities LLC’s investment portfolio, making the stock its 8th largest position. Cbre Clarion Securities LLC’s holdings in CubeSmart were worth $162,396,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in CubeSmart by 6.2% in the first quarter. JPMorgan Chase & Co. now owns 7,879,194 shares of the real estate investment trust’s stock worth $298,071,000 after buying an additional 463,208 shares in the last quarter. Panagora Asset Management Inc. raised its stake in CubeSmart by 7.1% in the first quarter. Panagora Asset Management Inc. now owns 10,718 shares of the real estate investment trust’s stock worth $405,000 after buying an additional 714 shares in the last quarter. UBS Group AG raised its stake in CubeSmart by 9.7% in the first quarter. UBS Group AG now owns 248,202 shares of the real estate investment trust’s stock worth $9,389,000 after buying an additional 21,857 shares in the last quarter. Acadian Asset Management LLC raised its stake in CubeSmart by 510.6% in the first quarter. Acadian Asset Management LLC now owns 10,906 shares of the real estate investment trust’s stock worth $412,000 after buying an additional 9,120 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in CubeSmart by 22.4% in the first quarter. Teacher Retirement System of Texas now owns 21,696 shares of the real estate investment trust’s stock worth $821,000 after buying an additional 3,976 shares in the last quarter. 96.33% of the stock is owned by hedge funds and other institutional investors.

A number of research firms recently issued reports on CUBE. Truist Securities increased their price target on shares of CubeSmart from $37.00 to $39.00 in a research note on Tuesday, March 16th. Wells Fargo & Company increased their price target on shares of CubeSmart from $34.00 to $36.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 2nd. Truist upped their price objective on shares of CubeSmart from $37.00 to $39.00 in a report on Tuesday, March 16th. Finally, BMO Capital Markets upgraded shares of CubeSmart from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $47.00 in a report on Friday, May 14th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. CubeSmart currently has an average rating of “Hold” and an average target price of $37.80.

In other CubeSmart news, CEO Christopher P. Marr sold 6,769 shares of the stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $42.37, for a total value of $286,802.53. Following the transaction, the chief executive officer now directly owns 472,083 shares in the company, valued at $20,002,156.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffrey P. Foster sold 23,364 shares of the stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $41.88, for a total transaction of $978,484.32. Following the completion of the transaction, the insider now owns 166,839 shares in the company, valued at $6,987,217.32. The disclosure for this sale can be found here. Insiders sold 45,265 shares of company stock worth $1,893,265 in the last 90 days. 1.28% of the stock is currently owned by corporate insiders.

Shares of NYSE:CUBE traded up $0.02 during trading on Friday, reaching $46.41. 5,505 shares of the stock traded hands, compared to its average volume of 1,084,635. The firm’s 50-day moving average price is $42.14. CubeSmart has a 52-week low of $26.14 and a 52-week high of $46.60. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.04 and a current ratio of 0.04. The company has a market capitalization of $9.35 billion, a PE ratio of 53.11, a P/E/G ratio of 4.91 and a beta of 0.25.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, April 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.24). CubeSmart had a return on equity of 9.39% and a net margin of 24.07%. Analysts predict that CubeSmart will post 1.86 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Thursday, July 1st will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Wednesday, June 30th. CubeSmart’s dividend payout ratio is currently 79.07%.

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 secure storage space for residential and commercial customers. According to the 2020 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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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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