Liberty Mutual Group Asset Management Inc. Makes New Investment in CubeSmart (NYSE:CUBE)

Liberty Mutual Group Asset Management Inc. purchased a new stake in shares of CubeSmart (NYSE:CUBE) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 59,383 shares of the real estate investment trust’s stock, valued at approximately $2,682,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CUBE. Decatur Capital Management Inc. grew its position in CubeSmart by 2.1% during the second quarter. Decatur Capital Management Inc. now owns 29,710 shares of the real estate investment trust’s stock valued at $1,342,000 after buying an additional 616 shares during the period. Abich Financial Wealth Management LLC grew its position in shares of CubeSmart by 8,906.3% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust’s stock valued at $65,000 after acquiring an additional 1,425 shares during the period. Squarepoint Ops LLC increased its stake in shares of CubeSmart by 4,545.2% in the 2nd quarter. Squarepoint Ops LLC now owns 156,728 shares of the real estate investment trust’s stock worth $7,079,000 after purchasing an additional 153,354 shares in the last quarter. Frank Rimerman Advisors LLC raised its holdings in CubeSmart by 42,189.5% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 8,035 shares of the real estate investment trust’s stock worth $363,000 after purchasing an additional 8,016 shares during the period. Finally, Prospector Partners LLC raised its holdings in CubeSmart by 3.4% in the 2nd quarter. Prospector Partners LLC now owns 96,515 shares of the real estate investment trust’s stock worth $4,360,000 after purchasing an additional 3,175 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Down 1.1 %

Shares of CUBE stock opened at $53.01 on Friday. The stock has a market capitalization of $11.94 billion, a price-to-earnings ratio of 29.45, a price-to-earnings-growth ratio of 9.86 and a beta of 0.82. CubeSmart has a 12-month low of $33.17 and a 12-month high of $55.14. The stock’s 50-day moving average price is $50.52 and its 200-day moving average price is $46.05. 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 (NYSE:CUBE) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The business had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same quarter last year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CUBE. Evercore ISI raised their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Truist Financial raised their target price on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Barclays upped their price target on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. 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 report on Friday, July 26th. Finally, Jefferies Financial Group lifted their target price on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.50.

Insider Activity

In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the firm’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 sale, the chief operating officer now 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 SEC, which can be accessed through the SEC website. In other news, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction on Monday, August 5th. The shares were 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 directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief operating officer now owns 87,663 shares in the company, valued at $4,205,194.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is currently owned by company insiders.

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.