Quarry LP Has $52,000 Stock Holdings in CubeSmart (NYSE:CUBE)

Quarry LP grew its stake in shares of CubeSmart (NYSE:CUBE) by 195.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,144 shares of the real estate investment trust’s stock after purchasing an additional 757 shares during the period. Quarry LP’s holdings in CubeSmart were worth $52,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Mather Group LLC. bought a new stake in CubeSmart in the 1st quarter valued at about $26,000. Whittier Trust Co. grew its stake in CubeSmart by 136.9% in 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 period. Rise Advisors LLC bought a new stake in shares of CubeSmart during the first quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of CubeSmart during the second quarter worth approximately $33,000. Finally, Larson Financial Group LLC bought a new position in shares of CubeSmart in the 1st quarter worth $45,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Buying and Selling at CubeSmart

In other CubeSmart 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 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now owns 182,460 shares in the company, valued at $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the company’s 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 $27,947,704.20. The trade was a 0.00 % decrease in their ownership of the stock. 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 three months. 1.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Barclays boosted their price target on shares of CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Evercore ISI raised their price target on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Royal Bank of Canada initiated coverage on CubeSmart in a research note on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price target for the company. Finally, Scotiabank assumed coverage on CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and a consensus price target of $50.50.

CubeSmart Stock Performance

CUBE stock opened at $51.15 on Friday. 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 $11.52 billion, a PE ratio of 28.22, a P/E/G ratio of 9.57 and a beta of 0.82. The business has a 50 day moving average of $51.03 and a 200-day moving average of $46.34. CubeSmart has a 12-month low of $33.17 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE) last announced 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). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same quarter last year, the company earned $0.66 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is 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.