American Century Companies Inc. Grows Stock Holdings in CubeSmart (NYSE:CUBE)

American Century Companies Inc. raised its stake in CubeSmart (NYSE:CUBE) by 16.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 560,903 shares of the real estate investment trust’s stock after buying an additional 77,503 shares during the period. American Century Companies Inc. owned approximately 0.25% of CubeSmart worth $25,336,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Mather Group LLC. acquired a new stake in shares of CubeSmart in the 1st quarter worth approximately $26,000. Whittier Trust Co. grew its holdings in 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 purchasing an additional 323 shares during the last quarter. Rise Advisors LLC purchased a new position in shares of CubeSmart in the first quarter valued at $26,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of CubeSmart during the 2nd quarter worth $33,000. Finally, Larson Financial Group LLC purchased a new stake in shares of CubeSmart in the 1st quarter worth about $45,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at CubeSmart

In other news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,217 shares of company stock valued at $4,244,344. Company insiders own 1.68% of the company’s stock.

CubeSmart Stock Down 0.1 %

CUBE opened at $53.99 on Thursday. CubeSmart has a 12 month low of $33.17 and a 12 month high of $55.14. The business has a 50-day moving average of $49.59 and a two-hundred day moving average of $45.62. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The stock has a market capitalization of $12.15 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. CubeSmart’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 earnings per share. On average, research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s payout ratio is currently 113.33%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CUBE shares. BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Evercore ISI lifted their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday. Raymond James increased their target price on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Wells Fargo & Company boosted their price target on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, Scotiabank began coverage on CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.50.

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.