B&I Capital AG lessened its stake in CubeSmart (NYSE:CUBE – Free Report) by 7.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 189,490 shares of the real estate investment trust’s stock after selling 15,950 shares during the period. CubeSmart comprises approximately 2.7% of B&I Capital AG’s portfolio, making the stock its 15th largest position. B&I Capital AG owned 0.08% of CubeSmart worth $8,559,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Twin Tree Management LP grew its stake in shares of CubeSmart by 29,720.5% in the first quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after buying an additional 11,591 shares in the last quarter. Evoke Wealth LLC acquired a new position in CubeSmart in the 4th quarter valued at about $1,604,000. Tidal Investments LLC increased its stake in CubeSmart by 32.6% during the first 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 lifted its position in shares of CubeSmart by 2.7% during the second quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock worth $39,947,000 after purchasing an additional 23,179 shares in the last quarter. Finally, PGGM Investments boosted its stake in shares of 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. Hedge funds and other institutional investors own 97.61% of the company’s stock.
Wall Street Analyst Weigh In
CUBE has been the topic of several recent research reports. Wells Fargo & Company upped their target price 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. Barclays increased their price objective on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Scotiabank initiated coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target on the stock. Finally, Raymond James boosted their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $48.73.
CubeSmart Stock Performance
Shares of CUBE opened at $51.96 on Tuesday. The company has a market capitalization of $11.70 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 9.48 and a beta of 0.82. CubeSmart has a 52-week low of $33.17 and a 52-week high of $52.70. 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 stock has a 50 day moving average price of $48.45 and a 200 day moving average price of $45.17.
CubeSmart (NYSE:CUBE – Get Free Report) last issued its earnings results 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 company had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. During the same quarter in the previous year, the company posted $0.66 EPS. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is currently 113.33%.
Insider Activity
In other news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly 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 available through this hyperlink. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction 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 transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 sale, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The disclosure for this sale can be found here. In the last three months, insiders sold 88,217 shares of company stock valued at $4,244,344. Insiders own 1.68% of the company’s stock.
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.
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