Mirador Capital Partners LP Has $855,000 Position in CubeSmart (NYSE:CUBE)

Mirador Capital Partners LP grew its position in shares of CubeSmart (NYSE:CUBE) by 1.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,875 shares of the real estate investment trust’s stock after purchasing an additional 248 shares during the quarter. Mirador Capital Partners LP’s holdings in CubeSmart were worth $855,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. 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 during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in CubeSmart by 26.9% in the first 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 purchasing an additional 1,205,097 shares during the period. TimesSquare Capital Management LLC bought a new position in CubeSmart during the 1st quarter worth $48,716,000. Allspring Global Investments Holdings LLC lifted its holdings in CubeSmart by 16.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock worth $201,692,000 after buying an additional 615,035 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of CubeSmart by 52.2% in the 4th quarter. Wellington Management Group LLP now owns 1,754,594 shares of the real estate investment trust’s stock valued at $81,325,000 after buying an additional 601,530 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Down 1.7 %

Shares of CubeSmart stock traded down $0.91 on Friday, hitting $51.16. The company had a trading volume of 2,096,236 shares, compared to its average volume of 1,347,713. The stock has a market capitalization of $11.52 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 9.57 and a beta of 0.82. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. The stock has a 50 day moving average of $51.10 and a 200-day moving average of $46.40.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) 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 firm had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same period in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders 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 dividend yield of 3.99%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio is currently 113.33%.

Insider Transactions at CubeSmart

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock worth $4,244,344 in the last quarter. Insiders own 1.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CUBE. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Raymond James lifted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Evercore ISI upped their price target on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Barclays raised their target price on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company boosted their price target on CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. One equities 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price 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.