New York State Common Retirement Fund Reduces Holdings in CubeSmart (NYSE:CUBE)

New York State Common Retirement Fund reduced its position in shares of CubeSmart (NYSE:CUBE) by 8.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 203,486 shares of the real estate investment trust’s stock after selling 18,507 shares during the period. New York State Common Retirement Fund owned about 0.09% of CubeSmart worth $9,432,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Signaturefd LLC boosted its position in CubeSmart by 72.5% in the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 292 shares during the last quarter. Ceredex Value Advisors LLC purchased a new position in CubeSmart in the fourth quarter valued at about $37,000. Private Trust Co. NA grew its stake in CubeSmart by 182.9% during the 4th quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 898 shares in the last quarter. Covestor Ltd increased its holdings in CubeSmart by 65.8% during the 3rd quarter. Covestor Ltd now owns 1,444 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 573 shares during the last quarter. Finally, ZRC Wealth Management LLC acquired a new position in shares of CubeSmart in the 4th quarter valued at approximately $104,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Price Performance

Shares of CUBE opened at $40.79 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The company has a market cap of $9.18 billion, a P/E ratio of 22.66 and a beta of 0.69. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The stock has a fifty day moving average price of $43.60 and a 200 day moving average price of $42.37.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.22). The firm had revenue of $261.41 million for the quarter, compared to the consensus estimate of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 EPS. On average, research analysts forecast that CubeSmart will post 2.65 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date was Thursday, March 28th. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CUBE shares. Wells Fargo & Company raised their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, April 5th. Raymond James reaffirmed an “outperform” rating and set a $48.00 price target on shares of CubeSmart in a research report on Thursday, March 28th. Barclays began coverage on CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on CubeSmart in a report on Tuesday, January 30th. They set a “sell” rating and a $40.00 target price on the stock. Finally, Evercore ISI upped their price target on CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and an average target price of $46.33.

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.