CubeSmart (NYSE:CUBE) Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of CubeSmart (NYSE:CUBE) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,961 shares of the real estate investment trust’s stock after acquiring an additional 1,705 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in CubeSmart were worth $2,259,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CUBE. Vanguard Group Inc. increased its holdings in CubeSmart by 0.9% in the first quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock valued at $1,443,316,000 after buying an additional 274,493 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of CubeSmart by 26.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock worth $257,191,000 after acquiring an additional 1,205,097 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of CubeSmart by 16.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock valued at $201,692,000 after acquiring an additional 615,035 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of CubeSmart by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock worth $152,652,000 after acquiring an additional 169,600 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

NYSE CUBE opened at $48.41 on Tuesday. The firm has a market cap of $10.89 billion, a P/E ratio of 26.89, a P/E/G ratio of 9.12 and a beta of 0.82. CubeSmart has a 52-week low of $33.17 and a 52-week high of $55.14. The business’s 50-day moving average price is $51.56 and its 200 day moving average price is $46.86. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share 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 company had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same quarter last year, the business posted $0.66 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts expect that CubeSmart will post 2.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CUBE shares. Jefferies Financial Group increased their price target on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada assumed 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. Evercore ISI boosted their price target 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. Scotiabank began coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. Finally, UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $50.67.

Insiders Place Their Bets

In other news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction dated Wednesday, August 7th. The shares were 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 of the company’s stock, valued at $27,947,704.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is owned by insiders.

About CubeSmart

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.