CubeSmart (NYSE:CUBE) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its stake in CubeSmart (NYSE:CUBE) by 0.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 131,085 shares of the real estate investment trust’s stock after buying an additional 491 shares during the quarter. State of Alaska Department of Revenue’s holdings in CubeSmart were worth $5,926,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Rise Advisors LLC acquired a new stake in CubeSmart in the first quarter valued at approximately $26,000. Mather Group LLC. purchased a new position in shares of CubeSmart in the first quarter valued at $26,000. GAMMA Investing LLC acquired a new stake in CubeSmart during the 4th quarter valued at $28,000. Signaturefd LLC grew its holdings in CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 292 shares in the last quarter. Finally, Ceredex Value Advisors LLC purchased a new stake in CubeSmart during the 4th quarter worth $37,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on CUBE shares. Barclays assumed coverage on CubeSmart in a research note on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 target price for the company. Wells Fargo & Company raised their price objective on CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research note on Friday, April 5th. Raymond James reaffirmed an “outperform” rating and issued a $48.00 target price on shares of CubeSmart in a research report on Thursday, March 28th. Finally, BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $46.00.

CubeSmart Stock Performance

CUBE stock opened at $44.24 on Thursday. The stock’s 50 day simple moving average is $43.02 and its 200 day simple moving average is $43.92. CubeSmart has a 12-month low of $33.17 and a 12-month high of $47.81. The firm has a market cap of $9.95 billion, a P/E ratio of 24.58, a P/E/G ratio of 7.60 and a beta of 0.80. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04.

CubeSmart (NYSE:CUBE) last issued its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The business had revenue of $261.41 million for the quarter, compared to analyst estimates of $253.91 million. During the same period last year, the company posted $0.65 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, equities research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be issued a $0.51 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.04 dividend on an annualized basis and a yield of 4.61%. CubeSmart’s dividend payout ratio is currently 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.