CubeSmart (NYSE:CUBE) Shares Acquired by Sei Investments Co.

Sei Investments Co. grew its holdings in CubeSmart (NYSE:CUBE) by 38.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 762,172 shares of the real estate investment trust’s stock after acquiring an additional 210,871 shares during the period. Sei Investments Co. owned about 0.34% of CubeSmart worth $34,427,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Janus Henderson Group PLC boosted its position in CubeSmart by 1,575.2% in the 1st quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock worth $82,277,000 after purchasing an additional 1,711,762 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in CubeSmart by 26.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after buying an additional 1,205,097 shares during the period. TimesSquare Capital Management LLC purchased a new position in CubeSmart in the first quarter valued at $48,716,000. Centersquare Investment Management LLC raised its position in shares of CubeSmart by 824.1% in the fourth quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock worth $52,282,000 after acquiring an additional 1,005,922 shares during the period. Finally, Public Employees Retirement Association of Colorado boosted its stake in shares of CubeSmart by 4,265.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 649,106 shares of the real estate investment trust’s stock worth $30,086,000 after acquiring an additional 634,237 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Jefferies Financial Group boosted their price target on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Wells Fargo & Company increased their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Royal Bank of Canada initiated coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 target price on the stock. Finally, UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their price target for the company from $53.00 to $54.00 in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $50.50.

CubeSmart Price Performance

CUBE stock opened at $54.22 on Tuesday. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. 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 firm has a market capitalization of $12.20 billion, a PE ratio of 30.12, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82. The business has a 50 day simple moving average of $50.22 and a 200-day simple moving average of $45.89.

CubeSmart (NYSE:CUBE) last issued 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). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The company had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. During the same period last year, the business earned $0.66 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal 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 $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio is presently 113.33%.

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.