Amalgamated Bank Lowers Position in CubeSmart (NYSE:CUBE)

Amalgamated Bank trimmed its position in CubeSmart (NYSE:CUBE) by 7.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,648 shares of the real estate investment trust’s stock after selling 9,178 shares during the period. Amalgamated Bank owned 0.05% of CubeSmart worth $5,133,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Covestor Ltd grew its position in shares of CubeSmart by 11.8% in the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 278 shares during the period. Fifth Third Bancorp grew its stake in shares of CubeSmart by 14.7% in the 2nd 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 last quarter. Whittier Trust Co. increased its position in CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 323 shares in the last quarter. Mirador Capital Partners LP raised its position in shares of CubeSmart by 2.7% in the 2nd quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock worth $706,000 after purchasing an additional 406 shares during the last quarter. Finally, Naples Global Advisors LLC grew its position in CubeSmart by 1.9% during the 1st quarter. Naples Global Advisors LLC now owns 24,735 shares of the real estate investment trust’s stock valued at $1,131,000 after purchasing an additional 460 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

CUBE stock opened at $53.92 on Friday. The company has a market capitalization of $12.13 billion, a PE ratio of 29.96, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82. The company’s fifty day moving average price is $49.96 and its 200-day moving average price is $45.73. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. CubeSmart has a one year low of $33.17 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results 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 firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the business earned $0.66 EPS. On average, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given 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 3.78%. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Raymond James boosted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Jefferies Financial Group boosted their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Royal Bank of Canada assumed coverage on CubeSmart in a report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price objective for the company. Finally, Scotiabank assumed coverage on CubeSmart in a report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and a consensus price target of $50.50.

Insider Activity

In related news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction 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 sale, the chief operating officer now owns 87,663 shares in the company, valued at approximately $4,205,194.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 in the last ninety days. Insiders own 1.68% of the company’s stock.

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.