Forsta AP Fonden Raises Stake in CubeSmart (CUBE)
Forsta AP Fonden raised its holdings in CubeSmart (NYSE:CUBE) by 15.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,000 shares of the real estate investment trust’s stock after buying an additional 3,700 shares during the period. Forsta AP Fonden’s holdings in CubeSmart were worth $897,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. acquired a new stake in CubeSmart during the 4th quarter worth about $29,000. We Are One Seven LLC acquired a new stake in shares of CubeSmart in the 4th quarter valued at about $50,000. Quadrant Capital Group LLC grew its stake in shares of CubeSmart by 1,473.8% in the 1st quarter. Quadrant Capital Group LLC now owns 2,880 shares of the real estate investment trust’s stock valued at $91,000 after buying an additional 2,697 shares during the period. Enlightenment Research LLC acquired a new stake in shares of CubeSmart in the 4th quarter valued at about $106,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of CubeSmart in the 4th quarter valued at about $119,000.
CUBE opened at $33.26 on Wednesday. The firm has a market cap of $6.23 billion, a PE ratio of 20.28, a PEG ratio of 5.77 and a beta of 0.28. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.05. CubeSmart has a one year low of $27.19 and a one year high of $33.42.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be given a $0.32 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.28 annualized dividend and a yield of 3.85%. CubeSmart’s dividend payout ratio (DPR) is presently 78.05%.
Several analysts have recently commented on the company. ValuEngine downgraded CubeSmart from a “buy” rating to a “hold” rating in a research note on Friday, February 22nd. Zacks Investment Research cut shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, Raymond James raised shares of CubeSmart from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 21st. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. CubeSmart currently has an average rating of “Hold” and a consensus price target of $32.17.
In other CubeSmart news, CEO Christopher P. Marr sold 60,000 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $31.51, for a total value of $1,890,600.00. Following the completion of the sale, the chief executive officer now directly owns 444,877 shares of the company’s stock, valued at $14,018,074.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy M. Martin sold 60,207 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $31.51, for a total transaction of $1,897,122.57. Following the completion of the sale, the chief financial officer now directly owns 242,443 shares of the company’s stock, valued at $7,639,378.93. The disclosure for this sale can be found here. Insiders sold 177,773 shares of company stock valued at $5,657,530 over the last quarter. 1.04% of the stock is owned by company insiders.
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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 2019 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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