State of New Jersey Common Pension Fund D Sells 7,350 Shares of CubeSmart $CUBE

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in CubeSmart by 5.6%, selling 7,350 shares and now holding approximately 0.05% of the company valued at $5.28 million.
• CubeSmart reported earnings per share of $0.65 for the last quarter, exceeding expectations and showing a 6.0% revenue increase year-over-year, totaling $282.30 million.
• The firm declared a quarterly dividend of $0.52 per share, yielding 5.3%, with a payout ratio currently at 126.83%.

State of New Jersey Common Pension Fund D lessened its holdings in CubeSmart (NYSE:CUBE - Free Report) by 5.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 123,648 shares of the real estate investment trust's stock after selling 7,350 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.05% of CubeSmart worth $5,281,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CUBE. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of CubeSmart by 140.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 808,440 shares of the real estate investment trust's stock worth $34,528,000 after purchasing an additional 472,596 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of CubeSmart during the first quarter worth about $821,000. Allspring Global Investments Holdings LLC grew its holdings in shares of CubeSmart by 1.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust's stock worth $212,886,000 after buying an additional 72,513 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in CubeSmart by 1.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,183,271 shares of the real estate investment trust's stock valued at $135,958,000 after purchasing an additional 58,564 shares during the period. Finally, GAMMA Investing LLC lifted its position in CubeSmart by 4,739.3% in the first quarter. GAMMA Investing LLC now owns 93,108 shares of the real estate investment trust's stock valued at $3,977,000 after purchasing an additional 91,184 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of research reports. Evercore ISI reduced their price target on shares of CubeSmart from $48.00 to $47.00 and set an "in-line" rating for the company in a research report on Monday, August 4th. BNP Paribas upgraded shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Truist Financial boosted their price objective on shares of CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Wolfe Research initiated coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 target price on the stock. Finally, Royal Bank Of Canada lowered their price objective on shares of CubeSmart from $48.00 to $47.00 and set an "outperform" rating for the company in a research report on Monday, August 4th. Six analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $46.93.

CubeSmart Price Performance

Shares of CubeSmart stock traded up $1.05 during mid-day trading on Friday, reaching $41.07. 1,223,453 shares of the stock were exchanged, compared to its average volume of 1,770,445. The company has a market cap of $9.37 billion, a price-to-earnings ratio of 25.04, a price-to-earnings-growth ratio of 8.91 and a beta of 0.94. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18. The firm has a 50-day simple moving average of $41.27 and a 200 day simple moving average of $41.38. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The firm had revenue of $282.30 million during the quarter, compared to analysts' expectations of $275.71 million. During the same quarter last year, the company posted $0.64 EPS. The company's quarterly revenue was up 6.0% compared to the same quarter last year. CubeSmart has set its Q3 2025 guidance at 0.640-0.660 EPS. FY 2025 guidance at 2.540-2.600 EPS. On average, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 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 5.1%. The ex-dividend date is Wednesday, October 1st. CubeSmart's payout ratio is presently 126.83%.

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.