Pacer Advisors Inc. Reduces Position in CubeSmart (NYSE:CUBE)

Pacer Advisors Inc. lessened its holdings in shares of CubeSmart (NYSE:CUBE) by 5.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,695 shares of the real estate investment trust’s stock after selling 13,388 shares during the quarter. Pacer Advisors Inc. owned 0.11% of CubeSmart worth $10,737,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CUBE. Janus Henderson Group PLC grew its holdings in CubeSmart by 1,575.2% during 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 acquiring an additional 1,711,762 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of CubeSmart by 26.9% in the 1st 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 acquiring an additional 1,205,097 shares during the last quarter. TimesSquare Capital Management LLC acquired a new stake in shares of CubeSmart during the 1st quarter valued at approximately $48,716,000. Centersquare Investment Management LLC boosted its holdings in 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 purchasing an additional 1,005,922 shares during the period. Finally, Public Employees Retirement Association of Colorado increased its stake in CubeSmart by 4,265.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 649,106 shares of the real estate investment trust’s stock valued at $30,086,000 after purchasing an additional 634,237 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on CUBE. Raymond James lifted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Barclays upped their target price on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Scotiabank initiated coverage on CubeSmart in a report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target on the stock. Wells Fargo & Company increased their target price on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Finally, Truist Financial boosted their price target on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.50.

Insider Buying and Selling

In other news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the transaction, the insider now owns 182,460 shares in the company, valued at approximately $8,630,358. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 88,217 shares of company stock valued at $4,244,344. Corporate insiders own 1.68% of the company’s stock.

CubeSmart Price Performance

NYSE CUBE opened at $53.94 on Monday. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. The company has a market cap of $12.13 billion, a PE ratio of 29.97, a PEG ratio of 9.98 and a beta of 0.82. The stock’s 50-day moving average price is $50.09 and its two-hundred day moving average price is $45.82.

CubeSmart (NYSE:CUBE) last issued its quarterly 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). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same quarter last year, the company posted $0.66 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

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%.

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.