Texas Permanent School Fund Corp Buys 2,549 Shares of CubeSmart (NYSE:CUBE)

Texas Permanent School Fund Corp lifted its holdings in shares of CubeSmart (NYSE:CUBE) by 1.3% during the first quarter, HoldingsChannel reports. The firm owned 196,796 shares of the real estate investment trust’s stock after purchasing an additional 2,549 shares during the quarter. Texas Permanent School Fund Corp’s holdings in CubeSmart were worth $8,899,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in CUBE. Deutsche Bank AG raised its stake in CubeSmart by 1,915.7% in the 3rd quarter. Deutsche Bank AG now owns 3,058,193 shares of the real estate investment trust’s stock valued at $116,609,000 after acquiring an additional 2,906,478 shares during the period. Wellington Management Group LLP increased its position in shares of CubeSmart by 14.2% during the third quarter. Wellington Management Group LLP now owns 1,153,064 shares of the real estate investment trust’s stock valued at $43,966,000 after buying an additional 143,244 shares during the period. Citigroup Inc. increased its position in shares of CubeSmart by 43.5% during the third quarter. Citigroup Inc. now owns 104,050 shares of the real estate investment trust’s stock valued at $3,967,000 after buying an additional 31,537 shares during the period. Wesbanco Bank Inc. increased its position in shares of CubeSmart by 110.9% during the third quarter. Wesbanco Bank Inc. now owns 11,408 shares of the real estate investment trust’s stock valued at $435,000 after buying an additional 6,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its position in shares of CubeSmart by 95.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 75,900 shares of the real estate investment trust’s stock valued at $2,894,000 after buying an additional 37,086 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Trading Up 3.7 %

Shares of CubeSmart stock traded up $1.62 during midday trading on Thursday, reaching $45.76. 933,858 shares of the company’s stock traded hands, compared to its average volume of 1,375,944. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The company has a market cap of $10.29 billion, a PE ratio of 25.42, a price-to-earnings-growth ratio of 7.71 and a beta of 0.80. The stock has a 50 day moving average of $43.45 and a 200-day moving average of $43.90. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81.

CubeSmart (NYSE:CUBE) last announced its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). The business had revenue of $261.41 million for the quarter, compared to the consensus estimate of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. CubeSmart’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.65 EPS. As a group, equities analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed 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 of this dividend is Monday, July 1st. This represents a $2.04 dividend on an annualized basis and a yield of 4.46%. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Analyst Upgrades and Downgrades

CUBE has been the subject of several recent analyst reports. Raymond James reissued an “outperform” rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. Wells Fargo & Company boosted their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, April 5th. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Finally, Barclays started coverage on CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $46.00.

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.