New York State Teachers Retirement System increased its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 8.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 174,297 shares of the real estate investment trust's stock after purchasing an additional 13,273 shares during the period. New York State Teachers Retirement System owned 0.08% of CubeSmart worth $7,444,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of CUBE. Jones Financial Companies Lllp boosted its stake in CubeSmart by 134.1% during the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 389 shares during the period. SRS Capital Advisors Inc. boosted its stake in 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 purchasing an additional 559 shares during the period. Huntington National Bank boosted its stake in CubeSmart by 307.0% during the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after purchasing an additional 915 shares during the period. Quantbot Technologies LP acquired a new stake in CubeSmart during the 4th quarter worth $58,000. Finally, Farther Finance Advisors LLC boosted its stake in CubeSmart by 446.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock worth $76,000 after purchasing an additional 1,468 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.
CubeSmart Price Performance
Shares of CubeSmart stock traded up $0.05 during trading on Tuesday, hitting $42.62. 1,318,436 shares of the company were exchanged, compared to its average volume of 1,560,138. 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 fifty-two week low of $34.24 and a fifty-two week high of $55.14. The stock has a market capitalization of $9.72 billion, a price-to-earnings ratio of 25.22, a P/E/G ratio of 7.83 and a beta of 0.96. The firm has a 50 day moving average price of $42.61 and a 200 day moving average price of $41.67.
CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The firm had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same period in the previous year, the firm posted $0.64 EPS. The company's quarterly revenue was up 4.4% compared to the same quarter last year. On average, equities analysts expect 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, July 15th. Stockholders of record on Tuesday, July 1st will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Tuesday, July 1st. CubeSmart's dividend payout ratio is presently 123.08%.
Wall Street Analyst Weigh In
Several research firms have recently commented on CUBE. Evercore ISI raised their target price on shares of CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Scotiabank raised their target price on shares of CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Barclays reduced their target price on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. BNP Paribas Exane began coverage on shares of CubeSmart in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $46.00 target price for the company. Finally, Wolfe Research began coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price for the company. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $47.38.
Get Our Latest Stock Report on CUBE
CubeSmart Profile
(
Free Report)
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.
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