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

California Public Employees Retirement System trimmed its position in shares of CubeSmart (NYSE:CUBE) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 371,819 shares of the real estate investment trust’s stock after selling 20,961 shares during the quarter. California Public Employees Retirement System’s holdings in CubeSmart were worth $15,932,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CUBE. Howard Capital Management Group LLC acquired a new stake in CubeSmart in the third quarter valued at approximately $212,000. Townsquare Capital LLC acquired a new stake in shares of CubeSmart in the 3rd quarter worth $327,000. Captrust Financial Advisors grew its stake in CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after buying an additional 248 shares during the last quarter. Centiva Capital LP acquired a new position in CubeSmart during the 3rd quarter valued at about $611,000. Finally, HighTower Advisors LLC increased its position 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 in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $39.51 on Friday. The firm’s 50 day simple moving average is $41.90 and its 200-day simple moving average is $45.40. CubeSmart has a 12 month low of $39.34 and a 12 month high of $55.14. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 22.32, a PEG ratio of 11.58 and a beta of 0.85. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

CubeSmart (NYSE:CUBE) last posted 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 analyst estimates of $267.54 million. Analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently disclosed 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 yield of 5.26%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s payout ratio is currently 120.93%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CUBE shares. Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $52.00 to $46.00 in a research note on Wednesday, March 5th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Royal Bank of Canada dropped their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a research report on Friday, January 10th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $48.00.

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.