Sequoia Financial Advisors LLC Invests $1.45 Million in CubeSmart (NYSE:CUBE)

Sequoia Financial Advisors LLC purchased a new stake in CubeSmart (NYSE:CUBE) in the 3rd quarter, Holdings Channel reports. The fund purchased 26,971 shares of the real estate investment trust’s stock, valued at approximately $1,452,000.

A number of other institutional investors have also recently modified their holdings of CUBE. Mirador Capital Partners LP lifted its holdings in CubeSmart by 1.6% in the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares during the period. Covestor Ltd increased its holdings 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 valued at $119,000 after purchasing an additional 278 shares in the last quarter. Presima Securities ULC lifted its stake in shares of CubeSmart by 2.9% in the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock valued at $571,000 after purchasing an additional 300 shares during the period. Fifth Third Bancorp boosted its holdings in CubeSmart by 14.7% during the second 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 in the last quarter. Finally, Whittier Trust Co. boosted its holdings in CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CUBE has been the subject of a number of research reports. Wells Fargo & Company lifted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday. Royal Bank of Canada began coverage on CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective for the company. Evercore ISI boosted their target price 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 raised their price target on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group boosted their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One equities 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. According to MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $50.67.

Insiders Place Their Bets

In related news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 182,460 shares in the company, valued at approximately $8,630,358. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Joel D. Keaton sold 43,478 shares of the firm’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 sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 of the company’s stock, valued at approximately $8,630,358. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 88,217 shares of company stock valued at $4,244,344 in the last quarter. 1.68% of the stock is currently owned by company insiders.

CubeSmart Price Performance

NYSE:CUBE opened at $49.09 on Friday. CubeSmart has a 12-month low of $33.17 and a 12-month high of $55.14. The firm has a market cap of $11.05 billion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 8.86 and a beta of 0.82. The company’s 50-day moving average is $51.59 and its two-hundred day moving average is $46.94. 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 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 analysts’ expectations of $260.68 million. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. Research analysts expect that CubeSmart will post 2.65 EPS for the current year.

CubeSmart Company 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.