Allspring Global Investments Holdings LLC Has $207.72 Million Stock Holdings in CubeSmart (NYSE:CUBE)

Allspring Global Investments Holdings LLC trimmed its position in CubeSmart (NYSE:CUBE) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,992,588 shares of the real estate investment trust’s stock after selling 97,257 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 2.21% of CubeSmart worth $207,724,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. UMB Bank n.a. increased its holdings in shares of CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 444 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in shares of CubeSmart during the 3rd quarter worth about $208,000. Creative Planning grew its stake in CubeSmart by 14.4% in the 3rd quarter. Creative Planning now owns 18,335 shares of the real estate investment trust’s stock valued at $987,000 after buying an additional 2,307 shares during the last quarter. Presima Securities ULC grew its stake in CubeSmart by 2.9% in the 3rd quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock valued at $571,000 after buying an additional 300 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in CubeSmart by 4.2% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 41,961 shares of the real estate investment trust’s stock valued at $2,259,000 after acquiring an additional 1,705 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $42.30 on Wednesday. The firm has a 50 day moving average of $42.87 and a 200-day moving average of $47.57. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $9.57 billion, a PE ratio of 23.90, a PEG ratio of 11.67 and a beta of 0.87.

CubeSmart Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 4.92%. CubeSmart’s dividend payout ratio is presently 117.51%.

Analysts Set New Price Targets

CUBE has been the subject of a number of research analyst reports. Barclays reduced their price objective on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Wells Fargo & Company boosted their price target on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and dropped their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their price target for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $49.73.

CubeSmart 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, 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.