CubeSmart (NYSE:CUBE) Position Increased by Employees Retirement System of Texas

Employees Retirement System of Texas lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 110.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 about 0.07% of CubeSmart worth $6,620,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in CubeSmart during the 4th quarter worth about $92,000. GF Fund Management CO. LTD. purchased a new stake in shares of CubeSmart during the fourth quarter worth about $175,000. PharVision Advisers LLC purchased a new stake in shares of CubeSmart during the fourth quarter worth about $261,000. Sophron Capital Management L.P. acquired a new position in shares of CubeSmart in the fourth quarter valued at approximately $6,224,000. Finally, Squarepoint Ops LLC lifted its stake in shares of CubeSmart by 16.2% during the fourth quarter. Squarepoint Ops LLC now owns 109,345 shares of the real estate investment trust's stock valued at $4,685,000 after buying an additional 15,284 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Stock Performance

Shares of NYSE:CUBE traded up $0.07 during trading hours on Friday, hitting $42.77. The stock had a trading volume of 2,207,742 shares, compared to its average volume of 1,798,240. The stock's fifty day simple moving average is $40.68 and its 200 day simple moving average is $42.61. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 11.58 and a beta of 1.00. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.02. The company had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. CubeSmart's revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 EPS. Sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.86%. CubeSmart's dividend payout ratio is currently 123.08%.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of recent analyst reports. Barclays lowered their price objective on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Royal Bank of Canada lowered their target price on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Truist Financial increased their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, Wolfe Research began coverage on shares of CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, CubeSmart has an average rating of "Hold" and an average target price of $47.36.

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.