State of Alaska Department of Revenue Has $5.73 Million Stock Holdings in CubeSmart (NYSE:CUBE)

State of Alaska Department of Revenue grew its stake in shares of CubeSmart (NYSE:CUBE) by 0.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 133,719 shares of the real estate investment trust’s stock after purchasing an additional 669 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of CubeSmart worth $5,728,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Creative Planning lifted its stake in CubeSmart by 9.1% in the 2nd quarter. Creative Planning now owns 16,028 shares of the real estate investment trust’s stock valued at $724,000 after purchasing an additional 1,340 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of CubeSmart by 52.6% in the third quarter. GAMMA Investing LLC now owns 2,375 shares of the real estate investment trust’s stock valued at $128,000 after buying an additional 819 shares during the last quarter. Atomi Financial Group Inc. bought a new position in shares of CubeSmart during the 3rd quarter worth approximately $219,000. UMB Bank n.a. increased its holdings in shares of CubeSmart by 302.0% during the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 444 shares during the last quarter. Finally, Albion Financial Group UT lifted its holdings in CubeSmart by 4.3% during the 3rd quarter. Albion Financial Group UT now owns 89,257 shares of the real estate investment trust’s stock valued at $4,805,000 after purchasing an additional 3,710 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CUBE. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price objective for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Barclays decreased their price target on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Scotiabank cut their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Finally, Wells Fargo & Company lifted their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $49.73.

CubeSmart Price Performance

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

CubeSmart Increases Dividend

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

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.