State of Alaska Department of Revenue Buys 669 Shares of CubeSmart (NYSE:CUBE)

State of Alaska Department of Revenue boosted its stake in CubeSmart (NYSE:CUBE) by 0.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 133,719 shares of the real estate investment trust’s stock after acquiring an additional 669 shares during the quarter. State of Alaska Department of Revenue’s holdings in CubeSmart were worth $5,728,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Oak Thistle LLC lifted its stake in shares of CubeSmart by 232.9% in the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after acquiring an additional 22,582 shares during the last quarter. BNP Paribas Financial Markets raised its position in CubeSmart by 32.9% in the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust’s stock valued at $8,531,000 after purchasing an additional 39,270 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of CubeSmart by 13.1% during the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock valued at $15,950,000 after purchasing an additional 36,919 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of CubeSmart during the third quarter worth about $628,000. Finally, Harbor Capital Advisors Inc. increased its stake in shares of CubeSmart by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock valued at $1,777,000 after buying an additional 18,475 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Down 0.0 %

Shares of CUBE stock opened at $42.38 on Friday. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a 50 day simple moving average of $43.13 and a two-hundred day simple moving average of $47.65. The company has a market cap of $9.58 billion, a P/E ratio of 23.94, a PEG ratio of 11.48 and a beta of 0.87.

CubeSmart Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date of this dividend was Thursday, January 2nd. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s payout ratio is presently 117.51%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Wells Fargo & Company increased their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Royal Bank of Canada cut their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Barclays reduced their price target on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Finally, Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and cut their price objective for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $49.73.

CubeSmart 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.