Bailard Inc. cut its stake in CubeSmart (NYSE:CUBE) by 11.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 28,350 shares of the real estate investment trust’s stock after selling 3,500 shares during the quarter. Bailard Inc.’s holdings in CubeSmart were worth $813,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the business. Empire Life Investments Inc. raised its position in CubeSmart by 3.1% in the fourth quarter. Empire Life Investments Inc. now owns 15,839 shares of the real estate investment trust’s stock valued at $454,000 after purchasing an additional 483 shares during the period. Eii Capital Management Inc. raised its position in CubeSmart by 2.3% in the fourth quarter. Eii Capital Management Inc. now owns 23,884 shares of the real estate investment trust’s stock valued at $685,000 after purchasing an additional 542 shares during the period. State of Alaska Department of Revenue raised its position in CubeSmart by 1.9% in the fourth quarter. State of Alaska Department of Revenue now owns 80,509 shares of the real estate investment trust’s stock valued at $2,308,000 after purchasing an additional 1,478 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of CubeSmart by 2.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,583 shares of the real estate investment trust’s stock worth $1,738,000 after acquiring an additional 1,668 shares during the last quarter. Finally, We Are One Seven LLC purchased a new stake in shares of CubeSmart during the fourth quarter worth about $50,000.
A number of analysts have recently issued reports on CUBE shares. BMO Capital Markets reaffirmed a “buy” rating and set a $30.00 target price on shares of CubeSmart in a research report on Thursday, October 25th. Zacks Investment Research raised CubeSmart from a “sell” rating to a “hold” rating in a research report on Monday, October 29th. Bank of America raised CubeSmart from a “neutral” rating to a “buy” rating and set a $25.22 target price on the stock in a research report on Thursday, November 15th. Finally, ValuEngine raised CubeSmart from a “hold” rating to a “buy” rating in a research report on Tuesday, November 20th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. CubeSmart currently has an average rating of “Buy” and an average target price of $31.91.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 4.10%. This is an increase from CubeSmart’s previous quarterly dividend of $0.30. The ex-dividend date was Monday, December 31st. CubeSmart’s dividend payout ratio (DPR) is 80.50%.
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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 2018 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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