UMB Bank n.a. Purchases 444 Shares of CubeSmart (NYSE:CUBE)

UMB Bank n.a. increased its holdings in shares of CubeSmart (NYSE:CUBE) by 302.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 591 shares of the real estate investment trust’s stock after purchasing an additional 444 shares during the period. UMB Bank n.a.’s holdings in CubeSmart were worth $32,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atomi Financial Group Inc. bought a new stake in CubeSmart in the 3rd quarter valued at approximately $219,000. Azzad Asset Management Inc. ADV lifted its position in shares of CubeSmart by 4.9% in the third quarter. Azzad Asset Management Inc. ADV now owns 18,447 shares of the real estate investment trust’s stock valued at $993,000 after buying an additional 861 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of CubeSmart by 52.6% in the third quarter. GAMMA Investing LLC now owns 2,375 shares of the real estate investment trust’s stock valued at $128,000 after purchasing an additional 819 shares during the last quarter. Mirador Capital Partners LP lifted its position in CubeSmart by 1.6% during the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock worth $855,000 after acquiring an additional 248 shares during the last quarter. Finally, Quarry LP lifted its holdings in CubeSmart by 195.6% during the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 757 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Activity

In related news, COO Joel D. Keaton sold 43,478 shares of CubeSmart 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 completion of the sale, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the 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 completion of the sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction dated 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 transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 88,217 shares of company stock worth $4,244,344. Corporate insiders own 1.68% of the company’s stock.

CubeSmart Stock Up 0.2 %

CUBE stock opened at $50.04 on Wednesday. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $55.14. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 27.80, a P/E/G ratio of 9.11 and a beta of 0.82. 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 business’s 50-day moving average is $51.42 and its two-hundred day moving average is $46.74.

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 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 company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. As a group, analysts forecast that CubeSmart will post 2.65 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 4.08%. The ex-dividend date was Tuesday, October 1st. CubeSmart’s payout ratio is 113.33%.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of analyst reports. Evercore ISI increased their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Barclays lifted their price target on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Royal Bank of Canada initiated coverage on CubeSmart in a report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 target price on the stock. Truist Financial raised their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, Jefferies Financial Group upped 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, September 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CubeSmart currently has an average rating of “Hold” and a consensus price target of $50.50.

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.