Arizona State Retirement System Raises Stake in CubeSmart (NYSE:CUBE)

Arizona State Retirement System grew its holdings in CubeSmart (NYSE:CUBE) by 0.9% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 65,357 shares of the real estate investment trust’s stock after buying an additional 577 shares during the period. Arizona State Retirement System’s holdings in CubeSmart were worth $2,801,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CUBE. Oak Thistle LLC raised its stake in CubeSmart by 232.9% during the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after acquiring an additional 22,582 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of CubeSmart in the fourth quarter valued at approximately $445,000. BNP Paribas Financial Markets raised its stake in shares of CubeSmart by 32.9% during the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock worth $8,531,000 after purchasing an additional 39,270 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of CubeSmart by 13.1% during the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after purchasing an additional 36,919 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in CubeSmart in the 3rd quarter valued at $628,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE stock opened at $42.91 on Monday. The stock has a fifty day moving average price of $41.78 and a 200 day moving average price of $46.78. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market cap of $9.78 billion, a PE ratio of 24.24, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. Sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.85%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wells Fargo & Company cut their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Scotiabank cut shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Royal Bank of Canada lowered their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Barclays dropped their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Finally, Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and reduced their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $48.08.

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.