State of New Jersey Common Pension Fund D raised its stake in CubeSmart (NYSE:CUBE – Free Report) by 4.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 212,287 shares of the real estate investment trust’s stock after purchasing an additional 8,500 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.09% of CubeSmart worth $8,095,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the stock. Parallel Advisors LLC lifted its holdings in shares of CubeSmart by 88.9% during the 2nd quarter. Parallel Advisors LLC now owns 593 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 279 shares during the period. Quarry LP bought a new position in shares of CubeSmart during the 2nd quarter worth about $37,000. Sunbelt Securities Inc. bought a new position in shares of CubeSmart during the 1st quarter worth about $46,000. Geneos Wealth Management Inc. lifted its holdings in shares of CubeSmart by 332.2% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,301 shares of the real estate investment trust’s stock worth $58,000 after acquiring an additional 1,000 shares during the period. Finally, Covestor Ltd raised its stake in shares of CubeSmart by 781.0% during the first quarter. Covestor Ltd now owns 1,533 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 1,359 shares during the last quarter. 96.66% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on CUBE. Wells Fargo & Company boosted their price target on shares of CubeSmart from $37.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 12th. Raymond James dropped their price target on shares of CubeSmart from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 24th. Jefferies Financial Group raised shares of CubeSmart from a “hold” rating to a “buy” rating and boosted their price target for the stock from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Bank of America downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and lowered their target price for the company from $51.00 to $38.00 in a research note on Monday, October 30th. Finally, Truist Financial upped their target price on shares of CubeSmart from $43.00 to $46.00 and gave the company a “hold” rating in a research note on Thursday, December 28th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $45.36.
CubeSmart Stock Down 0.2 %
CubeSmart stock opened at $43.96 on Monday. The stock has a market capitalization of $9.88 billion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 2.95 and a beta of 0.70. CubeSmart has a twelve month low of $33.17 and a twelve month high of $48.93. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.03. The company has a 50 day moving average of $44.74 and a 200-day moving average of $41.13.
CubeSmart Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend was Friday, December 29th. This is a boost from CubeSmart’s previous quarterly dividend of $0.49. CubeSmart’s dividend payout ratio is 122.16%.
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.
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