CubeSmart (NYSE:CUBE) Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas increased its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 39.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,712 shares of the real estate investment trust's stock after acquiring an additional 20,616 shares during the quarter. Teacher Retirement System of Texas' holdings in CubeSmart were worth $3,116,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in CubeSmart by 1.1% in the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust's stock valued at $247,295,000 after purchasing an additional 50,340 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its stake in shares of CubeSmart by 6.0% in 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 buying an additional 191,862 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in CubeSmart by 3.0% during the fourth 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 acquiring an additional 91,822 shares during the period. Duff & Phelps Investment Management Co. raised its position in CubeSmart by 2.0% during the third 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 acquiring an additional 42,994 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in CubeSmart by 326.3% in 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 valued at $90,229,000 after acquiring an additional 1,282,995 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CUBE. Jefferies Financial Group lowered shares of CubeSmart from a "buy" rating to a "hold" rating and cut their target price for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Wells Fargo & Company cut their price objective on shares of CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Truist Financial upgraded shares of CubeSmart from a "hold" rating to a "buy" rating and reduced their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Scotiabank lowered shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, Barclays reduced their target price on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $48.00.

CubeSmart Stock Up 1.0 %

CUBE stock traded up $0.42 during trading on Friday, hitting $42.03. 1,221,672 shares of the company's stock were exchanged, compared to its average volume of 1,386,091. The business has a 50-day moving average price of $41.88 and a two-hundred day moving average price of $45.78. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 11.58 and a beta of 0.88. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating 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 business had revenue of $231.41 million during the quarter, compared to analysts' expectations of $267.54 million. As a group, equities research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.95%. CubeSmart's dividend payout ratio (DPR) 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.