New York State Teachers Retirement System Has $7.44 Million Holdings in CubeSmart (NYSE:CUBE)

New York State Teachers Retirement System lifted its position in CubeSmart (NYSE:CUBE) by 8.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 174,297 shares of the real estate investment trust’s stock after purchasing an additional 13,273 shares during the quarter. New York State Teachers Retirement System owned 0.08% of CubeSmart worth $7,444,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of CubeSmart by 140.7% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust’s stock valued at $34,528,000 after purchasing an additional 472,596 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of CubeSmart by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust’s stock valued at $212,886,000 after purchasing an additional 72,513 shares in the last quarter. Total Wealth Planning & Management Inc. raised its stake in shares of CubeSmart by 98.7% in the first quarter. Total Wealth Planning & Management Inc. now owns 10,630 shares of the real estate investment trust’s stock valued at $454,000 after purchasing an additional 5,281 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of CubeSmart by 15.1% in the first quarter. Sequoia Financial Advisors LLC now owns 33,286 shares of the real estate investment trust’s stock valued at $1,422,000 after purchasing an additional 4,366 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of CubeSmart by 7.4% in the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust’s stock valued at $158,000 after purchasing an additional 255 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Price Performance

CubeSmart stock opened at $43.51 on Friday. The business’s 50-day simple moving average is $42.49 and its 200 day simple moving average is $41.67. The stock has a market cap of $9.92 billion, a price-to-earnings ratio of 25.75, a P/E/G ratio of 7.97 and a beta of 0.96. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to analysts’ expectations of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.64 earnings per share. As a group, research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.78%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart’s payout ratio is 123.08%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Truist Financial upped their target price on CubeSmart from $47.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, May 19th. Barclays lowered their price target on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Friday, May 16th. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and upped their price target for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Evercore ISI upped their price target on CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a research report on Friday, May 2nd. Finally, Mizuho upped their price target on CubeSmart from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, CubeSmart has a consensus rating of “Hold” and a consensus price target of $47.38.

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.