Teacher Retirement System of Texas Buys 20,616 Shares of CubeSmart (NYSE:CUBE)

Teacher Retirement System of Texas lifted its stake in shares of CubeSmart (NYSE:CUBE) by 39.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,712 shares of the real estate investment trust’s stock after purchasing an additional 20,616 shares during the quarter. Teacher Retirement System of Texas’ holdings in CubeSmart were worth $3,116,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CUBE. Geode Capital Management LLC raised its stake in CubeSmart by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after buying an additional 50,340 shares during the period. Cbre Investment Management Listed Real Assets LLC raised its position in shares of CubeSmart by 6.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,368,022 shares of the real estate investment trust’s stock worth $144,320,000 after purchasing an additional 191,862 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of CubeSmart by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,124,707 shares of the real estate investment trust’s stock worth $133,894,000 after purchasing an additional 91,822 shares in the last quarter. Duff & Phelps Investment Management Co. increased its stake in CubeSmart by 2.0% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 2,201,129 shares of the real estate investment trust’s stock valued at $118,487,000 after purchasing an additional 42,994 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in CubeSmart by 326.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock worth $90,229,000 after buying an additional 1,282,995 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Barclays lowered their target price on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Royal Bank of Canada lowered their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and dropped their price objective for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.00.

CubeSmart Price Performance

CubeSmart stock opened at $41.11 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a one year low of $39.80 and a one year high of $55.14. The firm has a market capitalization of $9.37 billion, a P/E ratio of 23.23, a PEG ratio of 11.58 and a beta of 0.88. The business has a fifty day moving average price of $41.85 and a 200-day moving average price of $45.96.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $231.41 million for the quarter, compared to analysts’ expectations of $267.54 million. As a group, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.06%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio is 120.93%.

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.