California Public Employees Retirement System Cuts Stock Position in CubeSmart (NYSE:CUBE)

California Public Employees Retirement System trimmed its holdings in CubeSmart (NYSE:CUBE) by 2.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 406,196 shares of the real estate investment trust’s stock after selling 10,593 shares during the period. California Public Employees Retirement System’s holdings in CubeSmart were worth $18,827,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cary Street Partners Investment Advisory LLC grew its stake in CubeSmart by 22.3% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 5,761 shares of the real estate investment trust’s stock valued at $220,000 after acquiring an additional 1,051 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of CubeSmart by 30.6% in the fourth quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust’s stock worth $22,633,000 after purchasing an additional 113,571 shares during the last quarter. Lecap Asset Management Ltd. bought a new stake in shares of CubeSmart in the fourth quarter worth about $1,370,000. DAVENPORT & Co LLC lifted its position in shares of CubeSmart by 24.4% in the fourth quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust’s stock worth $5,781,000 after buying an additional 24,483 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in CubeSmart by 95.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 75,900 shares of the real estate investment trust’s stock valued at $2,894,000 after buying an additional 37,086 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of research reports. Wells Fargo & Company lifted their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Barclays began coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 price target on the stock. Raymond James restated an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Evercore ISI increased their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, March 4th. Finally, Jefferies Financial Group raised CubeSmart from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $38.00 to $53.00 in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and an average price target of $46.33.

CubeSmart Trading Up 1.2 %

CUBE opened at $41.24 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The stock’s 50 day moving average price is $43.66 and its 200-day moving average price is $42.35. CubeSmart has a one year low of $33.17 and a one year high of $47.81. The stock has a market cap of $9.28 billion, a price-to-earnings ratio of 22.91 and a beta of 0.69.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid a $0.51 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a yield of 4.95%. CubeSmart’s payout ratio is 113.33%.

About CubeSmart

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.