CubeSmart (NYSE:CUBE) Shares Acquired by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP boosted its holdings in CubeSmart (NYSE:CUBE) by 5.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,379,516 shares of the real estate investment trust’s stock after acquiring an additional 169,600 shares during the quarter. Dimensional Fund Advisors LP owned 1.50% of CubeSmart worth $152,652,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd increased its holdings in shares of CubeSmart by 11.8% during the first quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 278 shares during the period. Fifth Third Bancorp increased its stake in CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 311 shares during the period. Whittier Trust Co. increased its stake in CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 323 shares during the period. Mirador Capital Partners LP raised its position in shares of CubeSmart by 2.7% during the 2nd quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock worth $706,000 after buying an additional 406 shares in the last quarter. Finally, Naples Global Advisors LLC lifted its stake in shares of CubeSmart by 1.9% in the 1st quarter. Naples Global Advisors LLC now owns 24,735 shares of the real estate investment trust’s stock worth $1,131,000 after acquiring an additional 460 shares during the period. Institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Royal Bank of Canada initiated coverage on CubeSmart in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price objective on the stock. Truist Financial raised their target price on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Evercore ISI boosted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group raised their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday. 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $50.50.

CubeSmart Stock Performance

Shares of CUBE opened at $53.92 on Friday. CubeSmart has a one year low of $33.17 and a one year high of $55.14. The company has a 50-day moving average of $49.96 and a two-hundred day moving average of $45.73. 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 stock has a market cap of $12.13 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 9.98 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data 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). 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 company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 earnings per share. On average, equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared 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. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Insider Buying and Selling

In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the company’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 value of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares in the company, valued at approximately $4,205,194.11. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the sale, the insider now owns 182,460 shares of the company’s stock, valued at $8,630,358. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 in the company, valued at approximately $4,205,194.11. 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. 1.68% of the stock is owned by company insiders.

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.