New York State Teachers Retirement System Has $7.44 Million Position in CubeSmart (NYSE:CUBE)

New York State Teachers Retirement System lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 8.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 174,297 shares of the real estate investment trust's stock after acquiring an additional 13,273 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of CubeSmart worth $7,444,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of CubeSmart by 140.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock worth $34,528,000 after acquiring an additional 472,596 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in CubeSmart by 1.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock valued at $212,886,000 after purchasing an additional 72,513 shares during the last quarter. Total Wealth Planning & Management Inc. lifted its holdings in CubeSmart by 98.7% during the 1st quarter. Total Wealth Planning & Management Inc. now owns 10,630 shares of the real estate investment trust's stock valued at $454,000 after purchasing an additional 5,281 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in CubeSmart by 15.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 33,286 shares of the real estate investment trust's stock valued at $1,422,000 after purchasing an additional 4,366 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in CubeSmart by 7.4% during the 1st quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust's stock valued at $158,000 after purchasing an additional 255 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on CUBE. BNP Paribas Exane began coverage on shares of CubeSmart in a report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price target for the company. Truist Financial lifted their price target 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 cut their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. BNP Paribas raised shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Finally, BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $48.00 to $49.00 in a research report on Friday, June 20th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $47.38.

CubeSmart Trading Up 1.1%

Shares of NYSE:CUBE traded up $0.49 during trading on Friday, hitting $43.51. 909,663 shares of the company's stock were exchanged, compared to its average volume of 1,558,969. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14. The firm has a 50-day moving average price of $42.49 and a two-hundred day moving average price of $41.66. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. The firm has a market cap of $9.92 billion, a P/E ratio of 25.75, a PEG ratio of 7.97 and a beta of 0.96.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. CubeSmart's revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 EPS. Equities analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.

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.