CubeSmart (NYSE:CUBE) Holdings Cut by Mount Yale Investment Advisors LLC

Mount Yale Investment Advisors LLC cut its stake in shares of CubeSmart (NYSE:CUBE) by 15.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,203 shares of the real estate investment trust’s stock after selling 4,551 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in CubeSmart were worth $1,093,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Covestor Ltd grew its stake 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 buying an additional 278 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of CubeSmart by 14.7% in 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. increased its holdings in shares of CubeSmart by 136.9% in 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 lifted its position in CubeSmart by 2.7% in the 2nd quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock valued at $706,000 after purchasing an additional 406 shares during the last quarter. Finally, Naples Global Advisors LLC boosted its stake 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 valued at $1,131,000 after purchasing an additional 460 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CUBE has been the topic of several analyst reports. Raymond James raised their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Jefferies Financial Group raised their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Truist Financial upped their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, Wells Fargo & Company raised their target price 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. One 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 company currently has an average rating of “Hold” and a consensus target price of $50.50.

Insider Transactions at CubeSmart

In related news, COO Joel D. Keaton sold 43,478 shares of the business’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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the completion of the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s 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 transaction, the insider now directly owns 182,460 shares in the company, valued at $8,630,358. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 over the last three months. 1.68% of the stock is owned by corporate insiders.

CubeSmart Stock Performance

CubeSmart stock opened at $53.94 on Monday. 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 company has a market cap of $12.13 billion, a P/E ratio of 29.97, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $55.14. The firm’s 50 day simple moving average is $50.09 and its 200-day simple moving average is $45.82.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) 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 analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. CubeSmart’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.66 earnings per share. As a group, equities research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

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

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.