MQS Management LLC Invests $662,000 in CubeSmart (NYSE:CUBE)

MQS Management LLC bought a new position in shares of CubeSmart (NYSE:CUBE) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,651 shares of the real estate investment trust’s stock, valued at approximately $662,000.

A number of other large investors have also added to or reduced their stakes in the business. Janus Henderson Group PLC increased its holdings in shares of CubeSmart by 1,575.2% in the first quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock valued at $82,277,000 after purchasing an additional 1,711,762 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of CubeSmart by 26.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock worth $257,191,000 after buying an additional 1,205,097 shares during the period. TimesSquare Capital Management LLC acquired a new position in CubeSmart in the 1st quarter valued at about $48,716,000. Centersquare Investment Management LLC raised its holdings in CubeSmart by 824.1% in the 4th quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock valued at $52,282,000 after acquiring an additional 1,005,922 shares during the period. Finally, Public Employees Retirement Association of Colorado lifted its position in CubeSmart by 4,265.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 649,106 shares of the real estate investment trust’s stock worth $30,086,000 after acquiring an additional 634,237 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CUBE shares. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and upped their target price for the company from $53.00 to $54.00 in a research report on Friday, September 13th. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Evercore ISI increased their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday. Royal Bank of Canada started coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 target price for the company. Finally, Raymond James upped their price target 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 investment 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.50.

Insider Buying and Selling at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction dated 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 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 value of $1,792,650.00. Following the completion of the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the company’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 completion of the transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The disclosure for this sale can be found here. Insiders have sold a total of 88,217 shares of company stock worth $4,244,344 over the last 90 days. Insiders own 1.68% of the company’s stock.

CubeSmart Price Performance

CUBE stock opened at $53.99 on Thursday. The company’s 50-day moving average price is $49.59 and its two-hundred day moving average price is $45.62. CubeSmart has a 12 month low of $33.17 and a 12 month high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm has a market cap of $12.15 billion, a P/E ratio of 29.99, a P/E/G ratio of 9.98 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 earnings per share. On average, analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is presently 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.