Teacher Retirement System of Texas Sells 66,214 Shares of CubeSmart (NYSE:CUBE)

Teacher Retirement System of Texas reduced its position in CubeSmart (NYSE:CUBE - Free Report) by 43.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 87,356 shares of the real estate investment trust's stock after selling 66,214 shares during the period. Teacher Retirement System of Texas' holdings in CubeSmart were worth $4,049,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CUBE. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of CubeSmart by 6.2% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 36,606 shares of the real estate investment trust's stock worth $1,396,000 after buying an additional 2,146 shares in the last quarter. Malaga Cove Capital LLC bought a new stake in shares of CubeSmart in the 3rd quarter worth about $221,000. Daiwa Securities Group Inc. raised its stake in shares of CubeSmart by 4.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 71,808 shares of the real estate investment trust's stock valued at $2,738,000 after purchasing an additional 2,826 shares in the last quarter. Albion Financial Group UT raised its stake in shares of CubeSmart by 55.8% in the 3rd quarter. Albion Financial Group UT now owns 79,254 shares of the real estate investment trust's stock valued at $3,022,000 after purchasing an additional 28,389 shares in the last quarter. Finally, M&T Bank Corp lifted its position in shares of CubeSmart by 4.7% during the third quarter. M&T Bank Corp now owns 28,845 shares of the real estate investment trust's stock worth $1,100,000 after purchasing an additional 1,283 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on CUBE shares. Raymond James restated an "outperform" rating and set a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on CubeSmart in a research note on Tuesday, January 30th. They set a "sell" rating and a $40.00 price objective on the stock. Evercore ISI boosted their target price on shares of CubeSmart from $43.00 to $45.00 and gave the company an "in-line" rating in a research note on Monday, March 4th. Wells Fargo & Company raised their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Friday, April 5th. Finally, Barclays started coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an "equal weight" rating and a $48.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $46.33.

CubeSmart Stock Performance

CubeSmart stock traded up $0.51 during midday trading on Wednesday, reaching $43.06. 2,177,309 shares of the stock traded hands, compared to its average volume of 1,470,369. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The firm has a market cap of $9.69 billion, a price-to-earnings ratio of 23.94 and a beta of 0.72. The firm has a fifty day moving average price of $43.29 and a two-hundred day moving average price of $42.82.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The business had revenue of $261.41 million for the quarter, compared to analyst estimates of $253.91 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The business's quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date was Thursday, March 28th. CubeSmart's dividend payout ratio (DPR) is 113.33%.

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.