Employees Retirement System of Texas Raises Holdings in CubeSmart (NYSE:CUBE)

Employees Retirement System of Texas increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 110.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 154,500 shares of the real estate investment trust's stock after purchasing an additional 81,000 shares during the period. Employees Retirement System of Texas owned 0.07% of CubeSmart worth $6,620,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Blue Trust Inc. increased its stake in shares of CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 289 shares during the period. Jones Financial Companies Lllp raised its stake in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. increased its stake in shares of CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 559 shares during the period. UMB Bank n.a. raised its position in CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock worth $40,000 after purchasing an additional 351 shares during the last quarter. Finally, Huntington National Bank increased its stake in CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after purchasing an additional 915 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CUBE shares. Evercore ISI raised their price objective on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Truist Financial boosted their target price on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Barclays lowered their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Wolfe Research started coverage on shares of CubeSmart in a research report on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price for the company. Finally, Mizuho upped their price target on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $47.36.

CubeSmart Stock Up 0.2%

CubeSmart stock traded up $0.07 during trading hours on Friday, hitting $42.77. 2,207,742 shares of the stock traded hands, compared to its average volume of 1,507,476. The firm's 50-day moving average price is $40.71 and its two-hundred day moving average price is $42.57. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market cap of $9.75 billion, a PE ratio of 24.16, a PEG ratio of 11.58 and a beta of 1.00. CubeSmart has a one year low of $34.24 and a one year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The firm had revenue of $273.04 million for the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company's quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. On average, research analysts forecast 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 Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date is Tuesday, July 1st. CubeSmart's payout ratio is 123.08%.

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.