TimesSquare Capital Management LLC Cuts Holdings in CubeSmart (NYSE:CUBE)

TimesSquare Capital Management LLC trimmed its holdings in shares of CubeSmart (NYSE:CUBE) by 5.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 989,855 shares of the real estate investment trust’s stock after selling 55,710 shares during the quarter. TimesSquare Capital Management LLC’s holdings in CubeSmart were worth $42,415,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 673 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 289 shares during the last quarter. Peterson Financial Group Inc. purchased a new position in shares of CubeSmart in the 3rd quarter worth $33,000. UMB Bank n.a. boosted its stake in shares of CubeSmart by 59.4% in the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 351 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of CubeSmart in the 3rd quarter worth $59,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Price Performance

NYSE:CUBE opened at $41.56 on Wednesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The business’s 50-day simple moving average is $42.29 and its two-hundred day simple moving average is $47.35. The stock has a market cap of $9.40 billion, a PE ratio of 23.48, a P/E/G ratio of 11.47 and a beta of 0.87. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14.

CubeSmart Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CUBE shares. Scotiabank dropped their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Barclays dropped their price target on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and lowered their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Finally, Royal Bank of Canada lowered their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.73.

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.