Bank of Montreal Can Has $2.78 Million Stock Position in CubeSmart (NYSE:CUBE)

Bank of Montreal Can cut its holdings in shares of CubeSmart (NYSE:CUBE) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,564 shares of the real estate investment trust’s stock after selling 491 shares during the period. Bank of Montreal Can’s holdings in CubeSmart were worth $2,783,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CUBE. Twin Tree Management LP lifted its holdings in CubeSmart by 29,720.5% in the first quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after buying an additional 11,591 shares during the period. Tidal Investments LLC lifted its stake in shares of CubeSmart by 32.6% in the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock valued at $4,040,000 after purchasing an additional 21,967 shares during the period. Boston Trust Walden Corp boosted its position in shares of CubeSmart by 2.7% in the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock worth $39,947,000 after purchasing an additional 23,179 shares during the last quarter. PGGM Investments grew its stake in shares of CubeSmart by 7.3% during the second quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock worth $39,242,000 after purchasing an additional 59,020 shares during the period. Finally, TimesSquare Capital Management LLC bought a new stake in CubeSmart in the first quarter valued at about $48,716,000. Institutional investors own 97.61% of the company’s stock.

Insider Buying and Selling

In related news, insider Jeffrey P. Foster sold 7,739 shares of the 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 directly owns 182,460 shares in the company, valued at $8,630,358. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction 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 $4,205,194.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 of the company’s stock, valued at $8,630,358. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CUBE. Wells Fargo & Company raised their target price on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Barclays lifted their price objective on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their target price for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Evercore ISI lifted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Scotiabank initiated coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.50.

CubeSmart Stock Down 1.2 %

NYSE:CUBE opened at $52.37 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. The company has a market cap of $11.78 billion, a PE ratio of 29.09, a PEG ratio of 9.73 and a beta of 0.82. CubeSmart has a 52-week low of $33.17 and a 52-week high of $55.14. The stock has a 50-day simple moving average of $50.93 and a 200 day simple moving average of $46.30.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data 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). The firm 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%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 earnings per share. On average, sell-side analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued 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 dividend yield of 3.90%. CubeSmart’s payout ratio is presently 113.33%.

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.