11,987 Shares in CubeSmart (NYSE:CUBE) Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. purchased a new position in shares of CubeSmart (NYSE:CUBE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,987 shares of the real estate investment trust’s stock, valued at approximately $541,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Covestor Ltd boosted its position in CubeSmart by 11.8% during the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 278 shares during the period. Fifth Third Bancorp boosted its position 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 worth $110,000 after acquiring an additional 311 shares during the period. Whittier Trust Co. boosted its position in CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 323 shares during the period. Mirador Capital Partners LP boosted its position in 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 acquiring an additional 406 shares during the period. Finally, Naples Global Advisors LLC boosted its position in CubeSmart by 1.9% during 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 and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Down 0.3 %

Shares of NYSE CUBE opened at $53.94 on Friday. CubeSmart has a 12 month low of $33.17 and a 12 month high of $55.14. The company has a market cap of $12.13 billion, a price-to-earnings ratio of 29.97, a P/E/G ratio of 9.98 and a beta of 0.82. 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 business has a fifty day simple moving average of $50.09 and a 200-day simple moving average of $45.81.

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

CubeSmart Announces Dividend

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

Insider Activity at CubeSmart

In related news, CEO Christopher P. Marr sold 37,000 shares of the company’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 transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher P. Marr sold 37,000 shares of the company’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 transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,217 shares of company stock valued at $4,244,344. Company insiders own 1.68% of the company’s stock.

Analysts Set New Price Targets

CUBE has been the subject of a number of analyst reports. Raymond James boosted their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Barclays upped their price objective on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Jefferies Financial Group upped their price objective on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and upped their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Wells Fargo & Company upped 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. 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 company currently has an average rating of “Hold” and an average price target of $50.50.

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.