CubeSmart (NYSE:CUBE) Stake Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in CubeSmart (NYSE:CUBE) by 14.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,089,845 shares of the real estate investment trust’s stock after acquiring an additional 624,661 shares during the period. Allspring Global Investments Holdings LLC owned approximately 2.26% of CubeSmart worth $273,986,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Mirador Capital Partners LP boosted its holdings in shares of 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 in the last quarter. Covestor Ltd lifted its stake in CubeSmart by 11.8% during the first 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 during the last quarter. Presima Securities ULC lifted its stake in CubeSmart by 2.9% during 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 last quarter. Fifth Third Bancorp lifted its stake 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 valued at $110,000 after purchasing an additional 311 shares during the last quarter. Finally, Whittier Trust Co. lifted its stake in CubeSmart by 136.9% during the second 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 during the last quarter. 97.61% of the stock is currently owned by institutional investors.

Insider Transactions at CubeSmart

In other news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction 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 transaction, the insider now owns 182,460 shares in the company, valued at $8,630,358. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $47.30, for a total value 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the completion of the transaction, the chief operating officer now owns 87,663 shares in the company, valued at $4,205,194.11. 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 worth $4,244,344 in the last 90 days. 1.68% of the stock is owned by insiders.

CubeSmart Stock Up 0.2 %

CubeSmart stock traded up $0.08 during trading hours on Friday, hitting $49.98. The company had a trading volume of 1,079,176 shares, compared to its average volume of 1,467,054. The firm has a market capitalization of $11.26 billion, a P/E ratio of 28.08, a price-to-earnings-growth ratio of 9.12 and a beta of 0.82. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The firm’s fifty day moving average is $51.56 and its 200-day moving average is $46.84. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.66 EPS. On average, research analysts forecast that CubeSmart will post 2.65 earnings per share for the current year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.51 per share. The ex-dividend date was Tuesday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 4.08%. CubeSmart’s dividend payout ratio (DPR) is 114.61%.

Analysts Set New Price Targets

CUBE has been the subject of several recent research reports. Evercore ISI increased their target price on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Barclays increased their target price on shares of CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Jefferies Financial Group increased their target price on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price target for the company from $53.00 to $54.00 in a research report on Friday, September 13th. Finally, Truist Financial upped their price target on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.