California Public Employees Retirement System Sells 10,593 Shares of CubeSmart (NYSE:CUBE)

California Public Employees Retirement System reduced its position in shares of CubeSmart (NYSE:CUBE) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 406,196 shares of the real estate investment trust’s stock after selling 10,593 shares during the period. California Public Employees Retirement System owned 0.18% of CubeSmart worth $18,827,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CUBE. OLD National Bancorp IN boosted its position in CubeSmart by 0.9% in the fourth quarter. OLD National Bancorp IN now owns 166,007 shares of the real estate investment trust’s stock worth $7,694,000 after purchasing an additional 1,438 shares during the last quarter. Cetera Trust Company N.A purchased a new position in shares of CubeSmart in the 4th quarter worth about $124,000. Handelsbanken Fonder AB boosted its holdings in shares of CubeSmart by 29.6% in the 4th quarter. Handelsbanken Fonder AB now owns 67,834 shares of the real estate investment trust’s stock worth $3,144,000 after buying an additional 15,500 shares during the last quarter. LRT Capital Management LLC grew its position in CubeSmart by 98.6% during the fourth quarter. LRT Capital Management LLC now owns 36,590 shares of the real estate investment trust’s stock valued at $1,696,000 after buying an additional 18,170 shares during the period. Finally, Signaturefd LLC increased its holdings in CubeSmart by 72.5% during the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 292 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CUBE has been the subject of a number of research reports. Barclays assumed coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 target price for the company. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research note on Tuesday, January 30th. They issued a “sell” rating and a $40.00 target price on the stock. Jefferies Financial Group upgraded CubeSmart from a “hold” rating to a “buy” rating and increased their price target for the stock from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Raymond James restated an “outperform” rating and issued a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Finally, Evercore ISI increased their target price on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $46.33.

CubeSmart Stock Up 1.2 %

CUBE opened at $41.24 on Tuesday. The firm has a market capitalization of $9.28 billion, a P/E ratio of 22.91 and a beta of 0.69. CubeSmart has a one year low of $33.17 and a one year high of $47.81. The company has a fifty day moving average price of $43.66 and a 200-day moving average price of $42.35. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 4.95%. The ex-dividend date was Thursday, March 28th. CubeSmart’s payout ratio is 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.