Xponance Inc. Reduces Stake in CubeSmart (NYSE:CUBE)

Xponance Inc. reduced its stake in shares of CubeSmart (NYSE:CUBE) by 9.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,277 shares of the real estate investment trust’s stock after selling 2,694 shares during the quarter. Xponance Inc.’s holdings in CubeSmart were worth $1,142,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CUBE. Covestor Ltd increased its position in shares of CubeSmart by 11.8% during the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 278 shares during the last quarter. Fifth Third Bancorp boosted its stake in CubeSmart by 14.7% during the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 311 shares during the period. Whittier Trust Co. increased its position 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 acquiring an additional 323 shares during the last quarter. Mirador Capital Partners LP raised its stake in shares of CubeSmart by 2.7% in the second quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock valued at $706,000 after acquiring an additional 406 shares during the period. Finally, Naples Global Advisors LLC lifted its holdings in shares of CubeSmart by 1.9% in the 1st quarter. Naples Global Advisors LLC now owns 24,735 shares of the real estate investment trust’s stock worth $1,131,000 after acquiring an additional 460 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CUBE has been the topic of a number of analyst reports. Jefferies Financial Group upped their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada assumed coverage on CubeSmart in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Truist Financial raised their price target on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Scotiabank assumed 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.50.

Insiders Place Their Bets

In other news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,217 shares of company stock worth $4,244,344. Company insiders own 1.68% of the company’s stock.

CubeSmart Trading Up 0.3 %

Shares of CubeSmart stock opened at $53.17 on Friday. The stock has a market cap of $11.96 billion, a PE ratio of 29.54, a price-to-earnings-growth ratio of 9.86 and a beta of 0.82. The firm has a fifty day moving average price of $50.63 and a 200 day moving average price of $46.11. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03.

CubeSmart (NYSE:CUBE) last issued 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 net margin of 38.07% and a return on equity of 14.37%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.66 EPS. Equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.84%. CubeSmart’s payout ratio is 113.33%.

About CubeSmart

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.