State of Alaska Department of Revenue Raises Stock Holdings in CubeSmart (NYSE:CUBE)

State of Alaska Department of Revenue raised its stake in CubeSmart (NYSE:CUBE) by 0.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,085 shares of the real estate investment trust’s stock after purchasing an additional 491 shares during the period. State of Alaska Department of Revenue owned 0.06% of CubeSmart worth $5,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. Mather Group LLC. bought a new stake in shares of CubeSmart in the 1st quarter valued at about $26,000. Rise Advisors LLC acquired a new stake in CubeSmart in the first quarter valued at approximately $26,000. GAMMA Investing LLC purchased a new position in CubeSmart in the fourth quarter worth $28,000. Signaturefd LLC increased its position in shares of CubeSmart by 72.5% during the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 292 shares in the last quarter. Finally, Ceredex Value Advisors LLC purchased a new stake in shares of CubeSmart during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

CUBE has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Raymond James reiterated an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a research note on Thursday, March 28th. Finally, Barclays started coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart currently has a consensus rating of “Hold” and a consensus price target of $46.00.

CubeSmart Stock Up 0.6 %

CUBE stock opened at $44.24 on Thursday. The company has a market capitalization of $9.95 billion, a P/E ratio of 24.58, a price-to-earnings-growth ratio of 7.60 and a beta of 0.80. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The firm’s fifty day simple moving average is $43.02 and its 200-day simple moving average is $43.92. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart (NYSE:CUBE) last posted 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 business had revenue of $261.41 million during the quarter, compared to analysts’ expectations of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. CubeSmart’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 earnings per share. As a group, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date is Monday, July 1st. CubeSmart’s payout ratio is presently 113.33%.

About CubeSmart

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.