New York State Teachers Retirement System Purchases 20,795 Shares of CubeSmart (NYSE:CUBE)

New York State Teachers Retirement System raised its holdings in CubeSmart (NYSE:CUBE) by 15.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 152,219 shares of the real estate investment trust’s stock after buying an additional 20,795 shares during the quarter. New York State Teachers Retirement System’s holdings in CubeSmart were worth $7,055,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in shares of CubeSmart in the 4th quarter worth approximately $2,827,000. Boston Trust Walden Corp raised its stake in CubeSmart by 12.9% during the fourth quarter. Boston Trust Walden Corp now owns 859,277 shares of the real estate investment trust’s stock worth $39,827,000 after acquiring an additional 97,979 shares in the last quarter. Private Trust Co. NA lifted its holdings in shares of CubeSmart by 182.9% during the fourth quarter. Private Trust Co. NA now owns 1,389 shares of the real estate investment trust’s stock valued at $64,000 after acquiring an additional 898 shares during the period. Householder Group Estate & Retirement Specialist LLC boosted its stake in shares of CubeSmart by 11.7% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 6,980 shares of the real estate investment trust’s stock valued at $323,000 after purchasing an additional 731 shares in the last quarter. Finally, Parcion Private Wealth LLC grew its holdings in shares of CubeSmart by 104.5% in the 4th quarter. Parcion Private Wealth LLC now owns 99,451 shares of the real estate investment trust’s stock worth $4,610,000 after purchasing an additional 50,828 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analysts Set New Price Targets

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

CubeSmart Stock Performance

Shares of NYSE:CUBE opened at $43.82 on Friday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.84. The stock has a market capitalization of $9.86 billion, a P/E ratio of 24.21 and a beta of 0.69. The business has a 50-day moving average price of $44.04 and a two-hundred day moving average price of $41.99.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 1st will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date is Thursday, March 28th. CubeSmart’s dividend payout ratio (DPR) is 112.71%.

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.