State of Michigan Retirement System Acquires 500 Shares of CubeSmart (NYSE:CUBE)

State of Michigan Retirement System boosted its holdings in CubeSmart (NYSE:CUBE) by 0.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 54,100 shares of the real estate investment trust’s stock after acquiring an additional 500 shares during the quarter. State of Michigan Retirement System’s holdings in CubeSmart were worth $2,311,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in CubeSmart by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock valued at $1,350,080,000 after acquiring an additional 85,609 shares in the last quarter. Norges Bank bought a new position in CubeSmart in the 4th quarter valued at about $408,064,000. T. Rowe Price Investment Management Inc. lifted its position in CubeSmart by 27.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock valued at $288,259,000 after acquiring an additional 1,464,331 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in CubeSmart by 1.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,065,101 shares of the real estate investment trust’s stock valued at $212,886,000 after acquiring an additional 72,513 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after acquiring an additional 352,754 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 0.0%

Shares of CUBE stock opened at $42.31 on Monday. The company has a 50 day moving average of $42.67 and a 200-day moving average of $41.64. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.17. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The firm has a market cap of $9.64 billion, a P/E ratio of 25.04, a PEG ratio of 7.78 and a beta of 0.96.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The company had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same quarter last year, the business posted $0.64 EPS. CubeSmart’s quarterly revenue was up 4.4% compared to the same quarter last year. Sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.92%. CubeSmart’s payout ratio is currently 123.08%.

Analyst Upgrades and Downgrades

CUBE has been the topic of several recent research reports. BMO Capital Markets raised shares of CubeSmart from a “market perform” rating to an “outperform” rating and raised their price target for the company from $48.00 to $49.00 in a research report on Friday, June 20th. BNP Paribas Exane started coverage on shares of CubeSmart in a research report on Tuesday, June 24th. They issued a “neutral” rating and a $46.00 price target on the stock. Mizuho increased their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. BNP Paribas upgraded shares of CubeSmart to a “hold” rating in a research note on Tuesday, June 24th. Finally, Barclays decreased their price objective on shares of CubeSmart from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $47.38.

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.