Thrivent Financial for Lutherans Has $3.16 Million Holdings in CubeSmart (NYSE:CUBE)

Thrivent Financial for Lutherans trimmed its position in shares of CubeSmart (NYSE:CUBE) by 6.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 69,898 shares of the real estate investment trust’s stock after selling 4,614 shares during the period. Thrivent Financial for Lutherans’ holdings in CubeSmart were worth $3,157,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew 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 valued at $82,277,000 after acquiring an additional 1,711,762 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in CubeSmart by 26.9% during the first 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 purchasing an additional 1,205,097 shares during the period. TimesSquare Capital Management LLC acquired a new position in CubeSmart during the first quarter worth approximately $48,716,000. Centersquare Investment Management LLC raised its stake in CubeSmart by 824.1% in the fourth 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 buying an additional 1,005,922 shares during the period. Finally, Public Employees Retirement Association of Colorado lifted its position in shares of CubeSmart by 4,265.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 649,106 shares of the real estate investment trust’s stock valued at $30,086,000 after buying an additional 634,237 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Truist Financial boosted their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Raymond James raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Barclays lifted their target price on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Finally, Royal Bank of Canada initiated coverage on shares of CubeSmart in a report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $50.50.

CubeSmart Stock Performance

Shares of NYSE:CUBE opened at $53.23 on Monday. CubeSmart has a 12-month low of $33.17 and a 12-month high of $55.14. The company’s 50 day moving average price is $50.63 and its two-hundred day moving average price is $46.12. The firm has a market cap of $11.98 billion, a PE ratio of 29.57, a PEG ratio of 9.86 and a beta of 0.82. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. CubeSmart’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business 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 paid a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.83%. CubeSmart’s payout ratio is 113.33%.

Insider Buying and Selling at CubeSmart

In related news, 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 sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction, the insider now owns 182,460 shares of the company’s stock, valued at $8,630,358. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the 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 completion of the transaction, 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. Insiders have sold a total of 88,217 shares of company stock valued at $4,244,344 in the last ninety days. 1.68% of the stock is currently owned by company insiders.

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.