Principal Financial Group Inc. raised its stake in CubeSmart (NYSE:CUBE) by 8.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,225,406 shares of the real estate investment trust’s stock after acquiring an additional 559,895 shares during the quarter. Principal Financial Group Inc. owned approximately 3.83% of CubeSmart worth $231,503,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. Thrivent Financial for Lutherans raised its position in shares of CubeSmart by 164.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 155,398 shares of the real estate investment trust’s stock valued at $4,458,000 after purchasing an additional 96,726 shares during the period. BTIM Corp. raised its position in shares of CubeSmart by 0.4% in the first quarter. BTIM Corp. now owns 710,339 shares of the real estate investment trust’s stock valued at $22,759,000 after purchasing an additional 2,742 shares during the period. Geode Capital Management LLC raised its position in shares of CubeSmart by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 2,322,854 shares of the real estate investment trust’s stock valued at $66,642,000 after purchasing an additional 144,354 shares during the period. D. E. Shaw & Co. Inc. raised its position in shares of CubeSmart by 124.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 406,314 shares of the real estate investment trust’s stock valued at $11,657,000 after purchasing an additional 224,917 shares during the period. Finally, Dean Investment Associates LLC raised its position in shares of CubeSmart by 15.7% in the fourth quarter. Dean Investment Associates LLC now owns 51,749 shares of the real estate investment trust’s stock valued at $1,485,000 after purchasing an additional 7,033 shares during the period. Hedge funds and other institutional investors own 98.91% of the company’s stock.
CubeSmart stock traded down $0.07 during midday trading on Friday, reaching $33.44. 2,091,000 shares of the stock were exchanged, compared to its average volume of 1,359,645. The firm has a fifty day simple moving average of $33.62. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.05. The stock has a market cap of $6.27 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 5.96 and a beta of 0.22. CubeSmart has a 52 week low of $27.19 and a 52 week high of $34.53.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.28 dividend on an annualized basis and a yield of 3.83%. CubeSmart’s dividend payout ratio is presently 78.05%.
In other CubeSmart news, CFO Timothy M. Martin sold 5,430 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $32.50, for a total value of $176,475.00. Following the completion of the transaction, the chief financial officer now owns 187,666 shares of the company’s stock, valued at approximately $6,099,145. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Jeffrey P. Foster sold 5,958 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $32.55, for a total transaction of $193,932.90. Following the completion of the transaction, the vice president now directly owns 124,739 shares of the company’s stock, valued at approximately $4,060,254.45. The disclosure for this sale can be found here. In the last three months, insiders sold 57,566 shares of company stock valued at $1,869,808. Corporate insiders own 1.04% of the company’s stock.
Several analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. ValuEngine raised shares of CubeSmart from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. 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 assigned a buy rating to the company. CubeSmart has a consensus rating of “Hold” and an average price target of $32.17.
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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