CubeSmart (NYSE:CUBE) Shares Bought by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC raised its holdings in CubeSmart (NYSE:CUBE) by 0.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,839 shares of the real estate investment trust’s stock after acquiring an additional 808 shares during the quarter. Commonwealth Equity Services LLC owned 0.08% of CubeSmart worth $8,078,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mather Group LLC. purchased a new stake in CubeSmart during the first quarter valued at about $26,000. Whittier Trust Co. lifted its stake in CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 323 shares in the last quarter. Rise Advisors LLC purchased a new stake in CubeSmart during the first quarter valued at about $26,000. Larson Financial Group LLC purchased a new stake in CubeSmart during the first quarter valued at about $45,000. Finally, Quarry LP lifted its position in shares of CubeSmart by 1,845.7% in the fourth quarter. Quarry LP now owns 1,362 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 1,292 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at CubeSmart

In related news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction 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 document filed with the SEC, which can be accessed through the SEC website. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart 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 of the company’s stock, valued at $8,630,358. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,217 shares of company stock worth $4,244,344. Insiders own 1.68% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CUBE. Truist Financial increased their price target on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Wells Fargo & Company increased their price target on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Raymond James increased their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Scotiabank initiated coverage on CubeSmart in a report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $48.73.

CubeSmart Trading Down 0.8 %

Shares of CUBE stock opened at $51.09 on Friday. The business’s 50 day moving average is $48.15 and its two-hundred day moving average is $45.03. The company has a market cap of $11.49 billion, a PE ratio of 28.38, a price-to-earnings-growth ratio of 9.48 and a beta of 0.82. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. CubeSmart has a 12 month low of $33.17 and a 12 month high of $52.30.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data 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 company had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 EPS. Equities analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 3.99%. CubeSmart’s payout ratio is 113.33%.

CubeSmart Company 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.