New York State Common Retirement Fund Trims Stake in CubeSmart (NYSE:CUBE)

New York State Common Retirement Fund trimmed its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 35.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 93,103 shares of the real estate investment trust's stock after selling 51,400 shares during the quarter. New York State Common Retirement Fund's holdings in CubeSmart were worth $3,976,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in shares of CubeSmart in the fourth quarter worth approximately $619,000. Envestnet Portfolio Solutions Inc. boosted its position in shares of CubeSmart by 2.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 21,861 shares of the real estate investment trust's stock worth $937,000 after purchasing an additional 601 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of CubeSmart by 0.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock worth $2,280,000 after purchasing an additional 306 shares during the period. Intech Investment Management LLC bought a new position in shares of CubeSmart in the fourth quarter worth approximately $761,000. Finally, Teacher Retirement System of Texas boosted its position in shares of CubeSmart by 39.6% in the fourth quarter. Teacher Retirement System of Texas now owns 72,712 shares of the real estate investment trust's stock worth $3,116,000 after purchasing an additional 20,616 shares during the period. 97.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CUBE has been the subject of a number of recent analyst reports. Barclays dropped their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. BNP Paribas raised shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. BNP Paribas Exane started coverage on shares of CubeSmart in a report on Tuesday, June 24th. They issued a "neutral" rating and a $46.00 target price on the stock. Evercore ISI boosted their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Finally, Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $44.00 to $50.00 in a report on Tuesday, May 13th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, CubeSmart currently has an average rating of "Hold" and an average price target of $47.20.

CubeSmart Price Performance

CubeSmart stock traded down $0.14 during mid-day trading on Friday, reaching $41.31. 101,260 shares of the company's stock traded hands, compared to its average volume of 1,776,764. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 7.63 and a beta of 0.96. The stock has a 50 day moving average of $42.46 and a two-hundred day moving average of $41.59. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17. CubeSmart has a 12-month low of $34.24 and a 12-month 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 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The business had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. During the same quarter in the prior year, the firm posted $0.64 earnings per share. The business's revenue for the quarter was up 4.4% on a year-over-year basis. Equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.04%. The ex-dividend date of this dividend was Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 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.