CubeSmart (NYSE:CUBE) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. reduced its position in CubeSmart (NYSE:CUBE) by 25.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,902 shares of the real estate investment trust’s stock after selling 8,305 shares during the quarter. Federated Hermes Inc.’s holdings in CubeSmart were worth $1,125,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. DekaBank Deutsche Girozentrale boosted its stake in CubeSmart by 23.2% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 154,856 shares of the real estate investment trust’s stock worth $6,921,000 after purchasing an additional 29,184 shares during the period. American Century Companies Inc. boosted its stake in shares of CubeSmart by 16.0% during the second quarter. American Century Companies Inc. now owns 560,903 shares of the real estate investment trust’s stock worth $25,336,000 after buying an additional 77,503 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of CubeSmart by 3.9% during the second quarter. Coldstream Capital Management Inc. now owns 43,352 shares of the real estate investment trust’s stock worth $1,958,000 after buying an additional 1,626 shares during the last quarter. United Services Automobile Association increased its position in CubeSmart by 8.5% in the 2nd quarter. United Services Automobile Association now owns 17,806 shares of the real estate investment trust’s stock valued at $804,000 after acquiring an additional 1,402 shares during the period. Finally, Wedbush Securities Inc. raised its stake in CubeSmart by 8.6% during the 2nd quarter. Wedbush Securities Inc. now owns 7,200 shares of the real estate investment trust’s stock valued at $325,000 after acquiring an additional 571 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Down 0.3 %

NYSE:CUBE opened at $53.94 on Friday. CubeSmart has a 52-week low of $33.17 and a 52-week high of $55.14. 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 stock has a fifty day simple moving average of $50.09 and a 200-day simple moving average of $45.81. The company has a market capitalization of $12.13 billion, a PE ratio of 29.97, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82.

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

CubeSmart Dividend Announcement

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

Wall Street Analysts Forecast Growth

CUBE has been the subject of several recent research reports. Royal Bank of Canada assumed coverage on CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price target for the company. Truist Financial lifted their target price on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Raymond James increased their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Wells Fargo & Company lifted their price objective on CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group increased their target price on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $50.50.

Insider Activity at CubeSmart

In related news, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction dated 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 transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the company’s 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 transaction, 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. Insiders have sold a total of 88,217 shares of company stock valued at $4,244,344 over the last quarter. Insiders own 1.68% of the company’s stock.

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.