Pallas Capital Advisors LLC Sells 39,983 Shares of CubeSmart $CUBE

Pallas Capital Advisors LLC decreased its stake in CubeSmart (NYSE:CUBE) by 73.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 14,818 shares of the real estate investment trust’s stock after selling 39,983 shares during the period. Pallas Capital Advisors LLC’s holdings in CubeSmart were worth $534,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CUBE. Cetera Investment Advisers lifted its stake in shares of CubeSmart by 1.6% in the second quarter. Cetera Investment Advisers now owns 17,212 shares of the real estate investment trust’s stock worth $731,000 after acquiring an additional 265 shares during the period. Crossmark Global Holdings Inc. increased its position in CubeSmart by 1.8% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 16,357 shares of the real estate investment trust’s stock valued at $665,000 after purchasing an additional 282 shares during the period. Huntington National Bank increased its position in CubeSmart by 43.3% during the 3rd quarter. Huntington National Bank now owns 977 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 295 shares during the period. Pacific Sun Financial Corp raised its holdings in CubeSmart by 6.6% during the 3rd quarter. Pacific Sun Financial Corp now owns 5,022 shares of the real estate investment trust’s stock worth $204,000 after purchasing an additional 310 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in CubeSmart by 7.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,723 shares of the real estate investment trust’s stock worth $201,000 after purchasing an additional 340 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CUBE shares. Wall Street Zen lowered shares of CubeSmart from a “hold” rating to a “sell” rating in a research note on Sunday, March 1st. Royal Bank Of Canada lifted their target price on shares of CubeSmart from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, March 2nd. Wolfe Research lowered shares of CubeSmart from an “outperform” rating to a “peer perform” rating in a report on Monday, January 26th. Wells Fargo & Company cut their price target on shares of CubeSmart from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 5th. Finally, Scotiabank upgraded CubeSmart to a “hold” rating in a report on Thursday, March 19th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $43.64.

CubeSmart Price Performance

CubeSmart stock opened at $36.62 on Wednesday. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 25.26 and a beta of 1.10. CubeSmart has a 52-week low of $34.24 and a 52-week high of $44.13. The stock’s 50 day moving average price is $38.57 and its two-hundred day moving average price is $38.35. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.04 and a current ratio of 0.04.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Wednesday, April 1st. CubeSmart’s payout ratio is presently 146.21%.

Insider Transactions at CubeSmart

In related news, insider Jeffrey P. Foster sold 23,148 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $41.02, for a total transaction of $949,530.96. Following the transaction, the insider directly owned 205,057 shares of the company’s stock, valued at $8,411,438.14. This represents a 10.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.69% of the stock is currently owned by corporate insiders.

CubeSmart Company Profile

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.