CubeSmart (NYSE:CUBE) Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama grew its stake in shares of CubeSmart (NYSE:CUBE) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 602,783 shares of the real estate investment trust’s stock after purchasing an additional 1,420 shares during the quarter. Retirement Systems of Alabama owned approximately 0.27% of CubeSmart worth $25,829,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of CUBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in CubeSmart by 326.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock worth $90,229,000 after acquiring an additional 1,282,995 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of CubeSmart by 14.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after purchasing an additional 624,661 shares during the last quarter. SG Americas Securities LLC increased its position in shares of CubeSmart by 10,685.4% during the fourth quarter. SG Americas Securities LLC now owns 488,579 shares of the real estate investment trust’s stock worth $20,936,000 after purchasing an additional 484,049 shares in the last quarter. Presima Securities ULC lifted its holdings in shares of CubeSmart by 4,092.4% in the 4th quarter. Presima Securities ULC now owns 444,390 shares of the real estate investment trust’s stock valued at $19,042,000 after purchasing an additional 433,790 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of CubeSmart by 46.6% in the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after purchasing an additional 173,683 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CUBE shares. Wells Fargo & Company raised their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and cut their target price for the company from $46.00 to $45.00 in a report on Friday, January 10th. Scotiabank decreased their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their target price for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.73.

CubeSmart Trading Up 2.0 %

Shares of CubeSmart stock opened at $42.11 on Thursday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market cap of $9.52 billion, a price-to-earnings ratio of 23.79, a price-to-earnings-growth ratio of 11.48 and a beta of 0.87. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The company’s 50-day simple moving average is $43.43 and its 200-day simple moving average is $47.73.

CubeSmart Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.94%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s dividend payout ratio is 117.51%.

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.