New York State Teachers Retirement System grew its position in CubeSmart (NYSE:CUBE – Free Report) by 11.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 130,500 shares of the real estate investment trust’s stock after purchasing an additional 13,000 shares during the quarter. New York State Teachers Retirement System owned approximately 0.06% of CubeSmart worth $6,032,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of CUBE. Allworth Financial LP grew its position in shares of CubeSmart by 60.7% in the 4th quarter. Allworth Financial LP now owns 715 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 270 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of CubeSmart by 452.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,061 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 869 shares during the last quarter. Dark Forest Capital Management LP grew its position in shares of CubeSmart by 85.9% in the 4th quarter. Dark Forest Capital Management LP now owns 1,229 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 568 shares during the last quarter. Machina Capital S.A.S. purchased a new position in CubeSmart during the 1st quarter worth $51,000. Finally, CWM LLC grew its position in CubeSmart by 46.9% during the 4th quarter. CWM LLC now owns 1,316 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 420 shares during the last quarter. 99.32% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at CubeSmart
In related news, insider Jeffrey P. Foster sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $45.05, for a total value of $675,750.00. Following the completion of the sale, the insider now owns 169,112 shares in the company, valued at $7,618,495.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CubeSmart news, insider Jeffrey P. Foster sold 15,000 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $45.05, for a total value of $675,750.00. Following the sale, the insider now owns 169,112 shares of the company’s stock, valued at $7,618,495.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy M. Martin sold 42,537 shares of the company’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $45.87, for a total transaction of $1,951,172.19. Following the completion of the sale, the chief financial officer now directly owns 278,631 shares in the company, valued at approximately $12,780,803.97. The disclosure for this sale can be found here. Insiders sold 74,485 shares of company stock worth $3,391,277 over the last 90 days. Company insiders own 1.45% of the company’s stock.
Wall Street Analyst Weigh In
CubeSmart Stock Up 1.1 %
Shares of NYSE CUBE opened at $45.25 on Friday. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 1.06. CubeSmart has a 52 week low of $36.82 and a 52 week high of $51.08. The firm has a 50-day moving average price of $44.88 and a 200 day moving average price of $45.14. The stock has a market capitalization of $10.17 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 4.03 and a beta of 0.57.
CubeSmart Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Monday, July 3rd were paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Friday, June 30th. CubeSmart’s dividend payout ratio (DPR) is 126.45%.
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.
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