Retirement Systems of Alabama Acquires 32,697 Shares of CubeSmart $CUBE

Retirement Systems of Alabama raised its stake in shares of CubeSmart (NYSE:CUBE) by 5.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 639,109 shares of the real estate investment trust’s stock after buying an additional 32,697 shares during the quarter. Retirement Systems of Alabama owned about 0.28% of CubeSmart worth $25,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in CubeSmart during the second quarter valued at $458,008,000. Aew Capital Management L P lifted its stake in CubeSmart by 164,585.0% in the 2nd quarter. Aew Capital Management L P now owns 658,740 shares of the real estate investment trust’s stock worth $27,996,000 after purchasing an additional 658,340 shares in the last quarter. Hazelview Securities Inc. bought a new position in shares of CubeSmart during the 2nd quarter valued at about $21,643,000. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of CubeSmart by 13,418.0% during the second 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 purchasing an additional 426,559 shares in the last quarter. Finally, Engineers Gate Manager LP grew its position in shares of CubeSmart by 4,329.6% during the second quarter. Engineers Gate Manager LP now owns 363,224 shares of the real estate investment trust’s stock valued at $15,437,000 after purchasing an additional 355,024 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBE has been the subject of a number of research reports. UBS Group dropped their price target on CubeSmart from $38.00 to $37.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Royal Bank Of Canada reiterated an “outperform” rating on shares of CubeSmart in a research report on Monday, December 8th. Weiss Ratings restated a “hold (c)” rating on shares of CubeSmart in a research report on Wednesday, October 8th. KeyCorp reiterated a “sector weight” rating on shares of CubeSmart in a research report on Monday, November 10th. Finally, Evercore ISI dropped their price objective on shares of CubeSmart from $49.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average price target of $44.40.

CubeSmart Stock Down 1.2%

Shares of CUBE opened at $38.21 on Monday. The company has a market cap of $8.71 billion, a PE ratio of 24.49, a P/E/G ratio of 8.41 and a beta of 1.11. The business has a fifty day moving average of $36.79 and a 200 day moving average of $39.01. CubeSmart has a 52-week low of $34.24 and a 52-week high of $44.13. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.22.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.65. The business had revenue of $285.08 million for the quarter, compared to analysts’ expectations of $282.57 million. CubeSmart had a net margin of 33.31% and a return on equity of 12.49%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 earnings per share. On average, sell-side analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were given a $0.53 dividend. This is an increase from CubeSmart’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.12 dividend on an annualized basis and a yield of 5.5%. CubeSmart’s dividend payout ratio is currently 135.90%.

CubeSmart Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.