State of New Jersey Common Pension Fund D Cuts Stake in CubeSmart (NYSE:CUBE)

State of New Jersey Common Pension Fund D reduced its stake in shares of CubeSmart (NYSE:CUBE) by 39.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 129,348 shares of the real estate investment trust’s stock after selling 82,939 shares during the period. State of New Jersey Common Pension Fund D’s holdings in CubeSmart were worth $5,843,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CUBE. Whittier Trust Co. lifted its stake in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares during the period. Rise Advisors LLC acquired a new stake in shares of CubeSmart during the first quarter worth $26,000. Mather Group LLC. acquired a new stake in shares of CubeSmart during the first quarter worth $26,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of CubeSmart during the second quarter worth $33,000. Finally, Larson Financial Group LLC acquired a new stake in shares of CubeSmart during the first quarter worth $45,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 over the last 90 days. Corporate insiders own 1.68% of the company’s stock.

Wall Street Analyst Weigh In

CUBE has been the subject of several research reports. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $53.00 to $54.00 in a research note on Friday. Scotiabank started coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 target price for the company. Evercore ISI boosted their target price on shares of CubeSmart from $51.00 to $52.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada started coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 target price for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, CubeSmart presently has an average rating of “Hold” and an average target price of $49.67.

CubeSmart Trading Up 0.1 %

Shares of CubeSmart stock opened at $54.00 on Monday. The firm has a 50-day simple moving average of $49.20 and a two-hundred day simple moving average of $45.47. The company has a market cap of $12.16 billion, a P/E ratio of 30.00, a price-to-earnings-growth ratio of 9.86 and a beta of 0.82. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $54.47. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. As a group, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.78%. CubeSmart’s dividend payout ratio is currently 113.33%.

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.