Barrow Hanley Mewhinney & Strauss LLC Acquires 303,347 Shares of CubeSmart (NYSE:CUBE)

Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of CubeSmart (NYSE:CUBE) by 12.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,728,220 shares of the real estate investment trust’s stock after purchasing an additional 303,347 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned about 1.21% of CubeSmart worth $123,234,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Twin Tree Management LP raised its position in shares of CubeSmart by 29,720.5% during the first quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after buying an additional 11,591 shares during the last quarter. Evoke Wealth LLC bought a new stake in CubeSmart in the 4th quarter valued at $1,604,000. Tidal Investments LLC lifted its stake in CubeSmart by 32.6% in the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock worth $4,040,000 after purchasing an additional 21,967 shares in the last quarter. Boston Trust Walden Corp boosted its holdings in shares of CubeSmart by 2.7% during the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock valued at $39,947,000 after purchasing an additional 23,179 shares during the last quarter. Finally, PGGM Investments boosted its holdings in shares of CubeSmart by 7.3% during the 2nd quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock valued at $39,242,000 after purchasing an additional 59,020 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Trading Down 0.3 %

CUBE stock opened at $53.94 on Friday. CubeSmart has a twelve month low of $33.17 and a twelve month high of $55.14. The stock has a market capitalization of $12.13 billion, a price-to-earnings ratio of 29.97, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm’s fifty day simple moving average is $50.09 and its two-hundred day simple moving average is $45.81.

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

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. 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%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CUBE shares. Scotiabank assumed coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price on the stock. Royal Bank of Canada started coverage on CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective on the stock. Jefferies Financial Group increased their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial boosted their price target on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Finally, Evercore ISI increased their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average target price of $50.50.

Insider Activity at CubeSmart

In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the sale, the insider now owns 182,460 shares in the company, valued at $8,630,358. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the transaction, the insider now directly owns 182,460 shares in the company, valued at approximately $8,630,358. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock worth $4,244,344 in the last quarter. 1.68% of the stock is owned by company insiders.

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.