CubeSmart (NYSE:CUBE) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its holdings in shares of CubeSmart (NYSE:CUBE) by 0.9% during the fourth quarter, HoldingsChannel reports. The firm owned 65,357 shares of the real estate investment trust’s stock after purchasing an additional 577 shares during the quarter. Arizona State Retirement System’s holdings in CubeSmart were worth $2,801,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CUBE. Peterson Financial Group Inc. purchased a new position in CubeSmart during the third quarter worth about $33,000. Blue Trust Inc. grew its holdings in CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 289 shares during the period. Jones Financial Companies Lllp increased its stake in shares of CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 389 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of CubeSmart by 9,614.3% during the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 673 shares during the period. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 559 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Price Performance

CUBE stock opened at $42.91 on Monday. The stock has a 50-day simple moving average of $41.78 and a 200-day simple moving average of $46.78. The firm has a market cap of $9.78 billion, a P/E ratio of 24.24, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. On average, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.85%. CubeSmart’s dividend payout ratio is currently 120.93%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CUBE shares. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a report on Thursday. Royal Bank of Canada lowered their price objective on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and lowered their price target for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and dropped their price target for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $48.08.

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.