New York State Common Retirement Fund Boosts Position in CubeSmart $CUBE

New York State Common Retirement Fund lifted its holdings in shares of CubeSmart (NYSE:CUBE) by 23.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,903 shares of the real estate investment trust’s stock after acquiring an additional 22,200 shares during the quarter. New York State Common Retirement Fund owned approximately 0.05% of CubeSmart worth $4,672,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. True Wealth Design LLC raised its holdings in CubeSmart by 308.2% in the 2nd quarter. True Wealth Design LLC now owns 694 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 524 shares in the last quarter. Private Trust Co. NA increased its position in shares of CubeSmart by 209.6% during the third quarter. Private Trust Co. NA now owns 706 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 478 shares during the period. Geneos Wealth Management Inc. increased its position in shares of CubeSmart by 174.8% during the second quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 568 shares during the period. SJS Investment Consulting Inc. bought a new position in CubeSmart in the third quarter worth about $42,000. Finally, Hantz Financial Services Inc. lifted its holdings in CubeSmart by 1,776.1% in the second quarter. Hantz Financial Services Inc. now owns 1,651 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 1,563 shares during the period. Institutional investors own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CUBE shares. Barclays decreased their target price on CubeSmart from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 13th. UBS Group decreased their price objective on CubeSmart from $38.00 to $37.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Wall Street Zen lowered CubeSmart from a “hold” rating to a “sell” rating in a research report on Saturday, January 3rd. Deutsche Bank Aktiengesellschaft downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and set a $40.00 target price on the stock. in a research report on Tuesday, January 20th. Finally, Truist Financial lowered their price target on shares of CubeSmart from $48.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, December 16th. Five investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, CubeSmart has an average rating of “Hold” and a consensus target price of $44.13.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $38.41 on Friday. The business has a fifty day moving average price of $37.05 and a 200-day moving average price of $38.79. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market capitalization of $8.76 billion, a PE ratio of 24.62, a PEG ratio of 8.44 and a beta of 1.12. CubeSmart has a 1-year low of $34.24 and a 1-year high of $44.13.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 2nd were issued a dividend of $0.53 per share. The ex-dividend date was Friday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.5%. CubeSmart’s dividend payout ratio is currently 135.90%.

About CubeSmart

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.