State of New Jersey Common Pension Fund D Grows Stock Position in CubeSmart (NYSE:CUBE)

State of New Jersey Common Pension Fund D raised its holdings in shares of CubeSmart (NYSE:CUBE) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,998 shares of the real estate investment trust’s stock after acquiring an additional 1,650 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in CubeSmart were worth $7,052,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Whittier Trust Co. lifted its position in shares of CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares in the last quarter. UMB Bank n.a. lifted its holdings in CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of CubeSmart during the 2nd quarter worth about $33,000. Quarry LP grew its holdings in shares of CubeSmart by 195.6% during the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 757 shares in the last quarter. Finally, Abich Financial Wealth Management LLC raised its position in shares of CubeSmart by 8,906.3% in the second quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust’s stock valued at $65,000 after buying an additional 1,425 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Price Performance

CUBE opened at $48.55 on Tuesday. CubeSmart has a 52-week low of $35.69 and a 52-week high of $55.14. The company has a 50 day moving average of $50.94 and a two-hundred day moving average of $47.41. The company has a market cap of $10.98 billion, a P/E ratio of 27.43, a P/E/G ratio of 8.93 and a beta of 0.84. The company has a quick ratio of 0.03, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.68 earnings per share. On average, analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CUBE shares. Wells Fargo & Company raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Barclays lowered their price objective on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Scotiabank assumed coverage on CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 target price on the stock. Evercore ISI lifted their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $54.00 in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $51.45.

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.