Employees Retirement System of Texas Increases Stock Position in CubeSmart (NYSE:CUBE)

Employees Retirement System of Texas increased its position in CubeSmart (NYSE:CUBE) by 110.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 154,500 shares of the real estate investment trust’s stock after buying an additional 81,000 shares during the quarter. Employees Retirement System of Texas’ holdings in CubeSmart were worth $6,620,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in CubeSmart during the fourth quarter valued at approximately $408,064,000. Prudential Financial Inc. grew its position in CubeSmart by 380.8% in the fourth quarter. Prudential Financial Inc. now owns 689,886 shares of the real estate investment trust’s stock valued at $29,562,000 after acquiring an additional 546,387 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in CubeSmart during the 4th quarter worth $21,278,000. SG Americas Securities LLC lifted its stake in shares of CubeSmart by 10,685.4% in the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock worth $20,936,000 after acquiring an additional 484,049 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its holdings in CubeSmart by 31.9% during the 4th quarter. Centersquare Investment Management LLC now owns 1,910,373 shares of the real estate investment trust’s stock worth $81,859,000 after purchasing an additional 462,373 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Barclays decreased their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. 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 report on Monday, March 3rd. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Finally, KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a report on Thursday, March 6th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $48.00.

CubeSmart Price Performance

CUBE opened at $39.51 on Monday. The company’s 50 day simple moving average is $41.90 and its 200-day simple moving average is $45.28. The stock has a market capitalization of $9.00 billion, a P/E ratio of 22.32, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. 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 $39.34 and a one year high of $55.14.

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

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio is presently 120.93%.

CubeSmart Company 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.