Louisiana State Employees Retirement System Increases Holdings in CubeSmart (NYSE:CUBE)

Louisiana State Employees Retirement System lifted its position in CubeSmart (NYSE:CUBE) by 0.6% in the 4th quarter, HoldingsChannel reports. The firm owned 62,800 shares of the real estate investment trust’s stock after purchasing an additional 400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in CubeSmart were worth $2,691,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of CUBE. Creative Planning grew its holdings in CubeSmart by 14.4% during the third quarter. Creative Planning now owns 18,335 shares of the real estate investment trust’s stock worth $987,000 after acquiring an additional 2,307 shares during the period. Presima Securities ULC grew its holdings in CubeSmart by 2.9% during the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock worth $571,000 after acquiring an additional 300 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in CubeSmart by 4.2% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 41,961 shares of the real estate investment trust’s stock worth $2,259,000 after acquiring an additional 1,705 shares during the period. Howard Capital Management Group LLC acquired a new stake in CubeSmart during the third quarter worth about $212,000. Finally, Inspire Advisors LLC acquired a new stake in CubeSmart during the third quarter worth about $375,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

Shares of NYSE:CUBE opened at $42.00 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The business’s 50 day moving average price is $42.64 and its 200-day moving average price is $47.50. The firm has a market capitalization of $9.50 billion, a PE ratio of 23.73, a P/E/G ratio of 11.67 and a beta of 0.87. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a $0.52 dividend. The ex-dividend date was Thursday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.95%. CubeSmart’s payout ratio is currently 117.51%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CUBE shares. Scotiabank dropped their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and dropped their target price for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Wells Fargo & Company raised their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and dropped their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Barclays dropped their price objective on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, CubeSmart has a consensus rating of “Hold” and an average price target of $49.73.

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.