American Century Companies Inc. Boosts Holdings in CubeSmart (NYSE:CUBE)

American Century Companies Inc. increased its position in CubeSmart (NYSE:CUBE) by 16.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 560,903 shares of the real estate investment trust’s stock after purchasing an additional 77,503 shares during the quarter. American Century Companies Inc.’s holdings in CubeSmart were worth $25,336,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CUBE. Vanguard Group Inc. increased its holdings in CubeSmart by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after purchasing an additional 274,493 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 acquiring an additional 1,205,097 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake 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 valued at $201,692,000 after acquiring an additional 615,035 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in CubeSmart by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,491,552 shares of the real estate investment trust’s stock worth $112,543,000 after acquiring an additional 20,658 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of CubeSmart by 1,575.2% in 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 purchasing an additional 1,711,762 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at CubeSmart

In other news, 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 completion of the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock valued at $4,244,344 in the last quarter. Corporate insiders own 1.68% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE opened at $53.99 on Thursday. 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 firm has a fifty day moving average of $49.59 and a 200-day moving average of $45.62. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last posted its earnings results 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 net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. During the same period in the previous year, the firm earned $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, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current 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 given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.78%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio is currently 113.33%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CUBE shares. Royal Bank of Canada assumed coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price target on the stock. Evercore ISI lifted 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. Barclays upped their price target on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Scotiabank started coverage on CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective on the stock. Finally, Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart currently has an average rating of “Hold” and an average price target 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.