California Public Employees Retirement System Sells 20,961 Shares of CubeSmart (NYSE:CUBE)

California Public Employees Retirement System reduced its holdings in CubeSmart (NYSE:CUBE) by 5.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 371,819 shares of the real estate investment trust’s stock after selling 20,961 shares during the period. California Public Employees Retirement System owned approximately 0.16% of CubeSmart worth $15,932,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Howard Capital Management Group LLC purchased a new position in CubeSmart in the third quarter worth about $212,000. Townsquare Capital LLC purchased a new position in shares of CubeSmart in the 3rd quarter worth approximately $327,000. Captrust Financial Advisors increased its position in shares of CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock valued at $309,000 after purchasing an additional 248 shares during the last quarter. Centiva Capital LP purchased a new stake in CubeSmart during the 3rd quarter valued at $611,000. Finally, HighTower Advisors LLC raised its holdings in CubeSmart by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock valued at $1,758,000 after buying an additional 243 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Price Performance

Shares of CUBE stock opened at $39.51 on Friday. CubeSmart has a twelve month low of $39.34 and a twelve month high of $55.14. 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 stock has a fifty day simple moving average of $41.90 and a two-hundred day simple moving average of $45.40. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 22.32, a P/E/G ratio of 11.58 and a beta of 0.85.

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

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.26%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s payout ratio is 120.93%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CUBE. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and dropped their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Barclays reduced their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Finally, Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and decreased their price target for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, CubeSmart presently has an average rating of “Hold” and a consensus price target of $48.00.

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.