State of New Jersey Common Pension Fund D decreased its stake in CubeSmart (NYSE:CUBE) by 16.4% during the second quarter, Holdings Channel reports. The institutional investor owned 818,000 shares of the real estate investment trust’s stock after selling 160,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in CubeSmart were worth $19,665,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue boosted its stake in shares of CubeSmart by 32.6% in the second quarter. State of Alaska Department of Revenue now owns 118,110 shares of the real estate investment trust’s stock valued at $2,838,000 after buying an additional 29,010 shares in the last quarter. Westpac Banking Corp boosted its stake in shares of CubeSmart by 36.9% in the first quarter. Westpac Banking Corp now owns 531,577 shares of the real estate investment trust’s stock valued at $16,587,000 after buying an additional 143,258 shares in the last quarter. State Street Corp boosted its stake in shares of CubeSmart by 1.9% in the first quarter. State Street Corp now owns 5,583,913 shares of the real estate investment trust’s stock valued at $144,956,000 after buying an additional 101,843 shares in the last quarter. Dean Investment Associates LLC boosted its stake in shares of CubeSmart by 51.9% in the first quarter. Dean Investment Associates LLC now owns 26,448 shares of the real estate investment trust’s stock valued at $687,000 after buying an additional 9,035 shares in the last quarter. Finally, KRV Capital LP bought a new position in shares of CubeSmart during the first quarter worth about $9,059,000.

CubeSmart (CUBE) opened at 24.57 on Tuesday. The stock’s 50 day moving average is $24.07 and its 200-day moving average is $25.44. CubeSmart has a 12 month low of $22.83 and a 12 month high of $29.26. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 42.44 and a beta of 0.19.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $138.60 million for the quarter, compared to analyst estimates of $138.07 million. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The firm’s revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 EPS. Equities analysts anticipate that CubeSmart will post $0.65 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 4.40%. The ex-dividend date is Friday, September 29th. CubeSmart’s dividend payout ratio (DPR) is presently 186.21%.

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A number of equities analysts have recently issued reports on CUBE shares. Zacks Investment Research lowered shares of CubeSmart from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. Jefferies Group LLC reiterated a “buy” rating and set a $31.00 target price on shares of CubeSmart in a research report on Tuesday, April 18th. Bank of America Corporation lowered shares of CubeSmart from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $27.75 to $25.00 in a research report on Thursday, July 20th. BidaskClub upgraded shares of CubeSmart from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 5th. Finally, Citigroup Inc. reiterated a “neutral” rating and set a $27.00 target price (down from $29.00) on shares of CubeSmart in a research report on Thursday, May 11th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $29.13.

About CubeSmart

CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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