Presima Securities ULC Buys 300 Shares of CubeSmart (NYSE:CUBE)

Presima Securities ULC raised its stake in CubeSmart (NYSE:CUBE) by 2.9% during the third quarter, Holdings Channel reports. The fund owned 10,600 shares of the real estate investment trust’s stock after buying an additional 300 shares during the period. Presima Securities ULC’s holdings in CubeSmart were worth $571,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mather Group LLC. purchased a new position in CubeSmart in the first quarter valued at approximately $26,000. Whittier Trust Co. raised its stake in shares of CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 323 shares during the period. Rise Advisors LLC purchased a new position in shares of CubeSmart during the 1st quarter valued at $26,000. UMB Bank n.a. grew its stake in shares of CubeSmart by 302.0% during the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 444 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new stake in CubeSmart in the 2nd quarter valued at about $33,000. 97.61% of the stock is owned by institutional investors.

Insider Activity

In related news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Joel D. Keaton sold 43,478 shares of the firm’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 transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by corporate insiders.

CubeSmart Price Performance

CubeSmart stock opened at $50.40 on Thursday. The stock has a market cap of $11.35 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 9.12 and a beta of 0.82. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The business has a 50-day simple moving average of $51.48 and a 200 day simple moving average of $46.77. CubeSmart has a 52 week low of $33.17 and a 52 week high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The business had revenue of $266.20 million for the quarter, compared to the consensus estimate 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 posted $0.66 EPS. On average, research analysts forecast that CubeSmart will post 2.65 earnings per share for the current fiscal 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 issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend was Tuesday, October 1st. CubeSmart’s payout ratio is 114.61%.

Analyst Ratings Changes

A number of brokerages have weighed in on CUBE. Wells Fargo & Company increased their target price on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Scotiabank began coverage on shares of CubeSmart in a report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. Jefferies Financial Group boosted their target price on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Raymond James raised their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and lifted their price target for the company from $53.00 to $54.00 in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $50.50.

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.