Frank Rimerman Advisors LLC Acquires 8,016 Shares of CubeSmart (NYSE:CUBE)

Frank Rimerman Advisors LLC increased its holdings in CubeSmart (NYSE:CUBE) by 42,189.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,035 shares of the real estate investment trust’s stock after purchasing an additional 8,016 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in CubeSmart were worth $363,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of CubeSmart by 0.9% during the first quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock valued at $1,443,316,000 after purchasing an additional 274,493 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in 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 worth $257,191,000 after acquiring an additional 1,205,097 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of CubeSmart by 16.0% in the second 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 period. Dimensional Fund Advisors LP raised its stake in shares of CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after acquiring an additional 169,600 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Trading Down 0.5 %

NYSE:CUBE opened at $53.96 on Wednesday. The company has a market cap of $12.15 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 9.91 and a beta of 0.82. 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 50 day simple moving average of $50.33 and a two-hundred day simple moving average of $45.95. CubeSmart has a 12 month low of $33.17 and a 12 month 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 the consensus estimate of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The firm had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same period in the previous year, the firm earned $0.66 EPS. The business’s revenue was up 2.1% on a year-over-year basis. Research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm 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. This represents a $2.04 annualized dividend and a dividend yield of 3.78%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Insider Buying and Selling

In other CubeSmart news, 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 directly owns 182,460 shares in the company, valued at $8,630,358. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 182,460 shares of the company’s stock, valued at $8,630,358. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction dated 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 transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Evercore ISI upped their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Wells Fargo & Company raised their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Scotiabank began coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus 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.