CubeSmart (NYSE:CUBE) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury reduced its holdings in CubeSmart (NYSE:CUBE) by 2.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,396 shares of the real estate investment trust’s stock after selling 2,579 shares during the quarter. State of Tennessee Department of Treasury’s holdings in CubeSmart were worth $3,916,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CUBE. Versant Capital Management Inc increased its holdings in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 673 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 389 shares during the period. SRS Capital Advisors Inc. increased its stake in CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 559 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in CubeSmart by 59.4% during the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 351 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CUBE shares. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Barclays dropped their target price on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Royal Bank of Canada reduced their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Finally, Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and cut their price objective for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.31.

CubeSmart Stock Down 0.4 %

Shares of NYSE:CUBE opened at $39.79 on Friday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 11.58 and a beta of 0.85. The stock’s 50-day moving average price is $40.68 and its two-hundred day moving average price is $43.69. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE) last released its 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 net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $231.41 million for the quarter, compared to analysts’ expectations of $267.54 million. On average, research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.23%. CubeSmart’s payout ratio is 120.93%.

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.