OLD National Bancorp IN Sells 90,732 Shares of CubeSmart $CUBE

OLD National Bancorp IN cut its stake in CubeSmart (NYSE:CUBE) by 75.4% in the 4th quarter, Holdings Channel reports. The fund owned 29,617 shares of the real estate investment trust’s stock after selling 90,732 shares during the quarter. OLD National Bancorp IN’s holdings in CubeSmart were worth $1,068,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. grew its position in CubeSmart by 4.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,813,777 shares of the real estate investment trust’s stock worth $73,748,000 after acquiring an additional 75,855 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in CubeSmart by 817.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 98,298 shares of the real estate investment trust’s stock worth $3,936,000 after acquiring an additional 87,589 shares in the last quarter. Retirement Systems of Alabama grew its position in CubeSmart by 5.4% in the third quarter. Retirement Systems of Alabama now owns 639,109 shares of the real estate investment trust’s stock worth $25,986,000 after acquiring an additional 32,697 shares in the last quarter. Davidson Investment Advisors boosted its stake in CubeSmart by 29.3% in the third quarter. Davidson Investment Advisors now owns 460,024 shares of the real estate investment trust’s stock worth $18,705,000 after buying an additional 104,283 shares in the last quarter. Finally, Pacific Heights Asset Management LLC purchased a new stake in CubeSmart in the third quarter worth approximately $12,198,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Down 0.5%

Shares of CUBE opened at $39.59 on Friday. The firm has a market cap of $9.02 billion, a P/E ratio of 27.30 and a beta of 1.13. The stock has a 50 day simple moving average of $38.77 and a two-hundred day simple moving average of $38.16. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.04 and a quick ratio of 0.04. CubeSmart has a 1 year low of $35.09 and a 1 year high of $44.13.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were given a $0.53 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $2.12 annualized dividend and a yield of 5.4%. CubeSmart’s payout ratio is presently 146.21%.

Insiders Place Their Bets

In other CubeSmart news, insider Jeffrey P. Foster sold 23,148 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $41.02, for a total value of $949,530.96. Following the completion of the sale, the insider owned 205,057 shares in the company, valued at approximately $8,411,438.14. The trade was a 10.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.76% of the company’s stock.

Analyst Ratings Changes

CUBE has been the subject of several research reports. Wells Fargo & Company cut their target price on CubeSmart from $40.00 to $39.00 and set an “equal weight” rating for the company in a research note on Thursday, April 16th. UBS Group cut their target price on CubeSmart from $38.00 to $37.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Deutsche Bank Aktiengesellschaft lowered CubeSmart from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a research note on Tuesday, January 20th. Wolfe Research lowered CubeSmart from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 26th. Finally, BNP Paribas Exane raised CubeSmart from a “neutral” rating to an “outperform” rating and set a $43.00 target price for the company in a research note on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $43.57.

About CubeSmart

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.