CubeSmart (NYSE:CUBE) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its stake in shares of CubeSmart (NYSE:CUBE) by 25.3% in the third quarter, Holdings Channel.com reports. The fund owned 2,610 shares of the real estate investment trust’s stock after selling 882 shares during the period. Exchange Traded Concepts LLC’s holdings in CubeSmart were worth $140,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its position 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 acquiring an additional 274,493 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of CubeSmart by 26.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after purchasing an additional 1,205,097 shares during the period. Allspring Global Investments Holdings LLC boosted its stake 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 purchasing an additional 615,035 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of CubeSmart by 5.3% in 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 purchasing an additional 169,600 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of CubeSmart by 12.5% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after purchasing an additional 303,347 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CUBE shares. Royal Bank of Canada started coverage on shares of CubeSmart in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price objective for the company. Raymond James raised their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Scotiabank started coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. Jefferies Financial Group raised their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Truist Financial raised their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $50.67.

Insider Transactions at CubeSmart

In other news, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were 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 in the company, valued at approximately $8,630,358. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction on Monday, August 5th. The shares were 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 trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by insiders.

CubeSmart Stock Up 0.2 %

Shares of NYSE:CUBE opened at $48.50 on Wednesday. The company has a market capitalization of $10.91 billion, a PE ratio of 27.06, a P/E/G ratio of 9.12 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. CubeSmart has a twelve month low of $33.17 and a twelve month high of $55.14. The firm has a 50 day simple moving average of $51.58 and a 200-day simple moving average of $46.88.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations 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 prior year, the firm posted $0.66 EPS. On average, equities analysts predict that CubeSmart will post 2.65 EPS for the current fiscal year.

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.