CubeSmart (NYSE:CUBE) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its holdings in shares of CubeSmart (NYSE:CUBE) by 25.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,610 shares of the real estate investment trust’s stock after selling 882 shares during the period. Exchange Traded Concepts LLC’s holdings in CubeSmart were worth $140,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CUBE. Janus Henderson Group PLC increased its position in shares of CubeSmart by 1,575.2% during the first 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 increased its position in shares of 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 worth $257,191,000 after purchasing an additional 1,205,097 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of CubeSmart during the first quarter worth $48,716,000. Allspring Global Investments Holdings LLC increased its position in shares of CubeSmart by 16.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock worth $201,692,000 after purchasing an additional 615,035 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of 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 in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at CubeSmart

In other news, insider Jeffrey P. Foster sold 7,739 shares of the 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 completion of the sale, the insider now directly owns 182,460 shares in the company, valued at $8,630,358. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Joel D. Keaton sold 43,478 shares of the 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 sale, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The trade was a 0.00 % decrease in their ownership of the stock. 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 ninety days. Corporate insiders own 1.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CUBE. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday. Truist Financial boosted their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Evercore ISI boosted their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada began coverage on shares of CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $50.67.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $48.50 on Wednesday. The company’s fifty day moving average price is $51.58 and its 200 day moving average price is $46.88. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. The company has a market capitalization of $10.91 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 9.12 and a beta of 0.82. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03.

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 analysts’ consensus estimates of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the company posted $0.66 earnings per share. On average, research analysts predict that CubeSmart will post 2.65 earnings per share for the current year.

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.