Ashton Thomas Private Wealth LLC Purchases Shares of 726 CubeSmart (NYSE:CUBE)

Ashton Thomas Private Wealth LLC purchased a new stake in CubeSmart (NYSE:CUBE) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 726 shares of the real estate investment trust’s stock, valued at approximately $33,000.

Several other hedge funds also recently added to or reduced their stakes in CUBE. Norges Bank acquired a new position in CubeSmart in the fourth quarter valued at $444,818,000. Janus Henderson Group PLC lifted its position 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 period. Price T Rowe Associates Inc. MD grew its stake in shares of CubeSmart by 26.9% in the 1st 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 last quarter. TimesSquare Capital Management LLC acquired a new position in shares of CubeSmart in the first quarter valued at approximately $48,716,000. Finally, Centersquare Investment Management LLC raised its stake in shares of CubeSmart by 824.1% during the fourth quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock worth $52,282,000 after purchasing an additional 1,005,922 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at CubeSmart

In related news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction that occurred 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 owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction on 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 directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Evercore ISI boosted their target price on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday. Scotiabank began coverage on CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 target price on the stock. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Finally, Barclays boosted their target price on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. One 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $49.75.

CubeSmart Stock Performance

CUBE opened at $54.56 on Tuesday. The stock has a market cap of $12.29 billion, a P/E ratio of 30.31, a P/E/G ratio of 9.86 and a beta of 0.82. 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 stock’s 50 day simple moving average is $49.40 and its 200 day simple moving average is $45.54. CubeSmart has a 1-year low of $33.17 and a 1-year high of $54.64.

CubeSmart (NYSE:CUBE) last released its quarterly 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). The firm 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 business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 EPS. As a group, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is currently 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.