Employees Retirement System of Texas Grows Stake in CubeSmart (NYSE:CUBE)

Employees Retirement System of Texas raised its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 110.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 154,500 shares of the real estate investment trust's stock after acquiring an additional 81,000 shares during the quarter. Employees Retirement System of Texas owned approximately 0.07% of CubeSmart worth $6,620,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can grew its stake in CubeSmart by 19.7% in the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after purchasing an additional 11,608 shares during the period. Polymer Capital Management US LLC purchased a new stake in shares of CubeSmart in the 4th quarter worth about $826,000. Aster Capital Management DIFC Ltd increased its stake in shares of CubeSmart by 30.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 12,038 shares of the real estate investment trust's stock worth $516,000 after acquiring an additional 2,795 shares in the last quarter. Quadrant Capital Group LLC lifted its position in CubeSmart by 77.7% during the 4th quarter. Quadrant Capital Group LLC now owns 2,395 shares of the real estate investment trust's stock valued at $103,000 after acquiring an additional 1,047 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in CubeSmart during the fourth quarter worth about $300,000. Hedge funds and other institutional investors own 97.61% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada lowered their price target on CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Scotiabank downgraded CubeSmart from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Mizuho started coverage on CubeSmart in a research note on Wednesday. They set a "neutral" rating and a $39.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a "sell" rating to a "hold" rating and lowered their price objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, CubeSmart presently has an average rating of "Hold" and a consensus target price of $47.31.

CubeSmart Stock Up 1.6 %

Shares of CUBE stock traded up $0.59 on Friday, hitting $37.64. The stock had a trading volume of 2,346,187 shares, compared to its average volume of 1,433,982. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The business has a 50 day moving average price of $41.25 and a 200 day moving average price of $44.58. The company has a market cap of $8.58 billion, a PE ratio of 21.26, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

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 for the quarter, topping the consensus estimate of $0.45 by $0.23. The firm had revenue of $231.41 million during the quarter, compared to analysts' expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 5.53%. The ex-dividend date of this dividend 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.