CubeSmart (NYSE:CUBE) Shares Sold by Invst LLC

Invst LLC trimmed its holdings in CubeSmart (NYSE:CUBE) by 4.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,153 shares of the real estate investment trust’s stock after selling 721 shares during the quarter. Invst LLC’s holdings in CubeSmart were worth $663,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Twin Tree Management LP lifted its stake in shares of CubeSmart by 29,720.5% in the 1st quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after purchasing an additional 11,591 shares during the period. Tidal Investments LLC raised its position in shares of CubeSmart by 32.6% in the first quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock worth $4,040,000 after acquiring an additional 21,967 shares during the period. Boston Trust Walden Corp boosted its stake in shares of CubeSmart by 2.7% during the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock worth $39,947,000 after acquiring an additional 23,179 shares in the last quarter. PGGM Investments increased its stake in shares of CubeSmart by 7.3% in the 2nd quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock valued at $39,242,000 after purchasing an additional 59,020 shares in the last quarter. Finally, TimesSquare Capital Management LLC acquired a new position in CubeSmart in the 1st quarter worth about $48,716,000. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Price Performance

CUBE stock opened at $53.81 on Tuesday. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. 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 firm has a market capitalization of $12.12 billion, a PE ratio of 29.89, a price-to-earnings-growth ratio of 9.73 and a beta of 0.82. The business has a 50 day simple moving average of $50.74 and a 200-day simple moving average of $46.19.

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 the consensus estimate of $0.64 by ($0.23). The firm had revenue of $266.20 million during 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%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.79%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Insider Activity

In related news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Scotiabank began coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. 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 report on Monday, September 16th. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Jefferies Financial Group boosted their target price on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Barclays lifted their price objective on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $50.50.

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.