Maryland State Retirement & Pension System Sells 2,323 Shares of CubeSmart (NYSE:CUBE)

Maryland State Retirement & Pension System trimmed its stake in CubeSmart (NYSE:CUBE) by 18.2% in the first quarter, Holdings Channel reports. The firm owned 10,457 shares of the real estate investment trust’s stock after selling 2,323 shares during the quarter. Maryland State Retirement & Pension System’s holdings in CubeSmart were worth $447,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Allworth Financial LP grew its stake in CubeSmart by 115.2% in the first quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 501 shares in the last quarter. Farther Finance Advisors LLC grew its stake in CubeSmart by 446.2% in the first quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust’s stock valued at $76,000 after purchasing an additional 1,468 shares in the last quarter. UMB Bank n.a. grew its stake in CubeSmart by 103.5% in the first quarter. UMB Bank n.a. now owns 1,917 shares of the real estate investment trust’s stock valued at $82,000 after purchasing an additional 975 shares in the last quarter. CWM LLC grew its stake in CubeSmart by 23.5% in the first quarter. CWM LLC now owns 1,950 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 371 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new position in shares of CubeSmart during the 4th quarter worth approximately $92,000. 97.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CUBE. Wolfe Research began coverage on CubeSmart in a research note on Monday, May 19th. They set an “outperform” rating and a $48.00 target price for the company. Mizuho lifted their target price on CubeSmart from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Truist Financial lifted their target price on CubeSmart from $47.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Royal Bank Of Canada reduced their target price on CubeSmart from $48.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, August 4th. Finally, Barclays reduced their target price on CubeSmart from $48.00 to $45.00 and set an “equal weight” rating for the company in a research note on Friday, August 8th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and a consensus price target of $46.93.

CubeSmart Stock Performance

CUBE opened at $39.55 on Friday. The business has a fifty day simple moving average of $41.60 and a 200 day simple moving average of $41.44. The company has a market capitalization of $9.02 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 8.74 and a beta of 0.94. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The business had revenue of $282.30 million during the quarter, compared to the consensus estimate of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS. Research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.08 annualized dividend and a yield of 5.3%. CubeSmart’s payout ratio is currently 126.83%.

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.