CubeSmart (NYSE:CUBE) Shares Purchased by New York State Teachers Retirement System

New York State Teachers Retirement System boosted its position in CubeSmart (NYSE:CUBE) by 2.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 161,024 shares of the real estate investment trust’s stock after purchasing an additional 4,609 shares during the quarter. New York State Teachers Retirement System owned about 0.07% of CubeSmart worth $6,900,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CUBE. Asset Management One Co. Ltd. increased its stake in shares of CubeSmart by 1.0% during the 4th quarter. Asset Management One Co. Ltd. now owns 381,134 shares of the real estate investment trust’s stock valued at $16,229,000 after acquiring an additional 3,816 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of CubeSmart by 0.6% during the 4th quarter. Louisiana State Employees Retirement System now owns 62,800 shares of the real estate investment trust’s stock worth $2,691,000 after purchasing an additional 400 shares during the period. Lightrock Netherlands B.V. purchased a new stake in shares of CubeSmart during the 4th quarter worth about $6,003,000. WCM Investment Management LLC grew its holdings in shares of CubeSmart by 1.3% during the 4th quarter. WCM Investment Management LLC now owns 73,100 shares of the real estate investment trust’s stock worth $3,095,000 after purchasing an additional 918 shares during the period. Finally, Entropy Technologies LP purchased a new stake in shares of CubeSmart during the 4th quarter worth about $445,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $41.26 on Thursday. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The business’s fifty day moving average price is $42.18 and its two-hundred day moving average price is $47.30. The firm has a market capitalization of $9.33 billion, a PE ratio of 23.31, a P/E/G ratio of 11.47 and a beta of 0.87.

CubeSmart Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were given a $0.52 dividend. The ex-dividend date was Thursday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 5.04%. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays decreased their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Royal Bank of Canada decreased their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and decreased their price target for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and decreased their price target for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and decreased their price target for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $49.73.

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.