Handelsbanken Fonder AB Decreases Stock Position in CubeSmart (NYSE:CUBE)

Handelsbanken Fonder AB reduced its holdings in shares of CubeSmart (NYSE:CUBE) by 14.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,034 shares of the real estate investment trust’s stock after selling 12,400 shares during the quarter. Handelsbanken Fonder AB’s holdings in CubeSmart were worth $3,824,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CUBE. Mirador Capital Partners LP boosted its stake in shares of CubeSmart by 1.6% during the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares during the last quarter. Covestor Ltd lifted its holdings in CubeSmart by 11.8% in the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 278 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 311 shares during the last quarter. Whittier Trust Co. grew its holdings in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares in the last quarter. Finally, Naples Global Advisors LLC raised its position in shares of CubeSmart by 1.9% in the first quarter. Naples Global Advisors LLC now owns 24,735 shares of the real estate investment trust’s stock valued at $1,131,000 after buying an additional 460 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE stock opened at $50.64 on Wednesday. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03. The company has a market cap of $11.40 billion, a PE ratio of 28.13, a P/E/G ratio of 9.35 and a beta of 0.82. The company’s fifty day simple moving average is $51.20 and its 200-day simple moving average is $46.54. CubeSmart has a 52 week low of $33.17 and a 52 week high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 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 company had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

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 $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Insider Activity

In other news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction on 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 transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction dated 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 transaction, the chief operating officer now owns 87,663 shares in the company, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the 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 transaction, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock worth $4,244,344 over the last 90 days. Company insiders own 1.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Truist Financial boosted their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Royal Bank of Canada initiated coverage on CubeSmart in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target on the stock. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price objective for the company from $53.00 to $54.00 in a research note on Friday, September 13th. Jefferies Financial Group raised their target price on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company boosted their target price on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus 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.