California Public Employees Retirement System Cuts Holdings in CubeSmart (NYSE:CUBE)

California Public Employees Retirement System lessened its holdings in CubeSmart (NYSE:CUBE - Free Report) by 5.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 371,819 shares of the real estate investment trust's stock after selling 20,961 shares during the quarter. California Public Employees Retirement System owned 0.16% of CubeSmart worth $15,932,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CUBE. Versant Capital Management Inc boosted its holdings in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 673 shares during the last quarter. Blue Trust Inc. raised its stake in CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 289 shares during the period. Jones Financial Companies Lllp grew its holdings in CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 389 shares in the last quarter. SRS Capital Advisors Inc. lifted its position in shares of CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after acquiring an additional 559 shares during the period. Finally, UMB Bank n.a. increased its stake in shares of CubeSmart by 59.4% in the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after purchasing an additional 351 shares during the last quarter. Institutional investors own 97.61% of the company's stock.

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Analysts Set New Price Targets

A number of research analysts have recently issued reports on CUBE shares. Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Royal Bank of Canada lowered their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and decreased their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Mizuho initiated coverage on shares of CubeSmart in a report on Wednesday. They issued a "neutral" rating and a $39.00 price target on the stock. Finally, Barclays cut their price target on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $47.31.

CubeSmart Trading Up 6.2 %

Shares of NYSE:CUBE traded up $2.23 during trading on Wednesday, reaching $38.11. 2,383,664 shares of the company traded hands, compared to its average volume of 1,426,635. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The firm has a market capitalization of $8.68 billion, a price-to-earnings ratio of 21.53, a P/E/G ratio of 11.58 and a beta of 0.85. The business's fifty day moving average is $41.42 and its 200-day moving average is $44.81.

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

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.46%. The ex-dividend date is Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is currently 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.