Hsbc Holdings PLC Trims Stake in CubeSmart (NYSE:CUBE)

Hsbc Holdings PLC lessened its holdings in CubeSmart (NYSE:CUBE) by 20.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 253,846 shares of the real estate investment trust’s stock after selling 67,026 shares during the period. Hsbc Holdings PLC owned approximately 0.11% of CubeSmart worth $11,444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of CUBE. Twin Tree Management LP boosted its stake in CubeSmart by 29,720.5% during the first quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock worth $526,000 after buying an additional 11,591 shares during the period. Evoke Wealth LLC acquired a new position in shares of CubeSmart in the 4th quarter worth approximately $1,604,000. Tidal Investments LLC boosted its position in shares of CubeSmart by 32.6% during the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock worth $4,040,000 after purchasing an additional 21,967 shares during the period. Boston Trust Walden Corp increased its holdings in 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 valued at $39,947,000 after purchasing an additional 23,179 shares during the last quarter. Finally, PGGM Investments raised its position in CubeSmart by 7.3% in the second quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock valued at $39,242,000 after purchasing an additional 59,020 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Evercore ISI raised their price target on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Barclays lifted their target price on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company boosted their price target on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. 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. Finally, UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $50.50.

Insider Buying and Selling 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock worth $4,244,344 over the last three months. Insiders own 1.68% of the company’s stock.

CubeSmart Price Performance

Shares of CUBE opened at $53.94 on Monday. The firm has a market capitalization of $12.13 billion, a price-to-earnings ratio of 29.97, a PEG ratio of 9.98 and a beta of 0.82. The firm’s fifty day simple moving average is $50.09 and its 200-day simple moving average is $45.82. CubeSmart has a twelve month low of $33.17 and a twelve month high of $55.14. 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 (NYSE:CUBE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The business had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share. Equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently declared 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. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 annualized dividend and a yield of 3.78%. CubeSmart’s dividend payout ratio is currently 113.33%.

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.