ProShare Advisors LLC Sells 362 Shares of CubeSmart (NYSE:CUBE)

ProShare Advisors LLC decreased its holdings in CubeSmart (NYSE:CUBE) by 3.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,609 shares of the real estate investment trust’s stock after selling 362 shares during the period. ProShare Advisors LLC’s holdings in CubeSmart were worth $479,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in CUBE. Whittier Trust Co. raised 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 purchasing an additional 323 shares in the last quarter. Rise Advisors LLC acquired a new stake in CubeSmart in the first quarter worth about $26,000. Mather Group LLC. acquired a new stake in CubeSmart in the 1st quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of CubeSmart during the second quarter worth $33,000. Finally, Larson Financial Group LLC purchased a new stake in CubeSmart during the 1st quarter valued at about $45,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Insider Buying and Selling

In related 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 value of $1,792,650.00. Following the transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the business’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 value of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,217 shares of company stock worth $4,244,344. Company insiders own 1.68% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE stock opened at $53.81 on Tuesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The firm has a market cap of $12.12 billion, a P/E ratio of 29.89, a P/E/G ratio of 9.73 and a beta of 0.82. The firm’s 50 day moving average price is $50.74 and its 200-day moving average price is $46.19. CubeSmart has a one year low of $33.17 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates 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 revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.66 earnings per share. As a group, equities research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 annualized dividend and a yield of 3.79%. CubeSmart’s payout ratio is 113.33%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Truist Financial upped their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Evercore ISI boosted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Royal Bank of Canada began coverage on CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 target price for the company. Barclays raised their price target on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Finally, Scotiabank assumed coverage on CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective on the stock. One equities research 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, CubeSmart currently has a consensus rating of “Hold” and an average price target of $50.50.

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.