Police & Firemen s Retirement System of New Jersey Has $3.65 Million Holdings in CubeSmart $CUBE

Police & Firemen s Retirement System of New Jersey grew its position in CubeSmart (NYSE:CUBE) by 5.8% in the second quarter, HoldingsChannel.com reports. The fund owned 85,784 shares of the real estate investment trust’s stock after buying an additional 4,678 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in CubeSmart were worth $3,646,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. PNC Financial Services Group Inc. boosted its stake in CubeSmart by 12.7% in the second quarter. PNC Financial Services Group Inc. now owns 12,471 shares of the real estate investment trust’s stock worth $530,000 after purchasing an additional 1,405 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in CubeSmart by 13,418.0% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 429,738 shares of the real estate investment trust’s stock valued at $18,264,000 after acquiring an additional 426,559 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of CubeSmart by 4.9% during the second quarter. ProShare Advisors LLC now owns 10,108 shares of the real estate investment trust’s stock worth $430,000 after purchasing an additional 474 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of CubeSmart during the second quarter valued at approximately $987,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of CubeSmart by 4.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 164,543 shares of the real estate investment trust’s stock valued at $6,993,000 after purchasing an additional 7,009 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on CUBE shares. Deutsche Bank Aktiengesellschaft set a $45.00 price objective on CubeSmart and gave the stock a “buy” rating in a research report on Monday, October 13th. Citigroup decreased their target price on CubeSmart from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, August 25th. Wall Street Zen lowered CubeSmart from a “hold” rating to a “sell” rating in a research report on Monday. Barclays decreased their price objective on CubeSmart from $48.00 to $45.00 and set an “equal weight” rating for the company in a research report on Friday, August 8th. Finally, KeyCorp restated a “sector weight” rating on shares of CubeSmart in a report on Monday, November 10th. Seven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $45.94.

CubeSmart Price Performance

NYSE CUBE opened at $36.58 on Monday. The firm’s 50 day moving average is $39.98 and its 200-day moving average is $41.07. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $8.34 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 8.91 and a beta of 0.99. CubeSmart has a 12-month low of $34.24 and a 12-month high of $50.69.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.65. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The firm had revenue of $285.08 million for the quarter, compared to analyst estimates of $282.57 million. During the same period in the previous year, the business earned $0.67 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

About CubeSmart

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.