Federated Hermes Inc. Cuts Stock Holdings in CubeSmart (NYSE:CUBE)

Federated Hermes Inc. cut its stake in shares of CubeSmart (NYSE:CUBE) by 25.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 24,902 shares of the real estate investment trust’s stock after selling 8,305 shares during the quarter. Federated Hermes Inc.’s holdings in CubeSmart were worth $1,125,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC grew its position in CubeSmart by 1,575.2% during the first 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 increased its position in CubeSmart by 26.9% during the 1st 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 in the last quarter. TimesSquare Capital Management LLC purchased a new position in CubeSmart in the first quarter valued at approximately $48,716,000. Centersquare Investment Management LLC grew its stake in CubeSmart by 824.1% during the fourth quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock worth $52,282,000 after buying an additional 1,005,922 shares during the period. Finally, Public Employees Retirement Association of Colorado increased 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 worth $30,086,000 after acquiring an additional 634,237 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CUBE has been the topic of several recent research reports. Royal Bank of Canada initiated coverage on shares of CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 target price on the stock. Scotiabank initiated coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price for the company. Wells Fargo & Company increased their target price on CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Barclays boosted their price target on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group increased their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $50.50.

Insider Buying and Selling at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock worth $4,244,344 over the last 90 days. Insiders own 1.68% of the company’s stock.

CubeSmart Price Performance

CUBE opened at $53.94 on Friday. 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 1-year low of $33.17 and a 1-year high of $55.14. The company has a 50-day moving average of $50.09 and a 200-day moving average of $45.81. The company has a market capitalization of $12.13 billion, a P/E ratio of 29.97, a PEG ratio of 9.98 and a beta of 0.82.

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 the consensus estimate of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. During the same quarter in the previous year, the company earned $0.66 EPS. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend 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.