CubeSmart (NYSE:CUBE) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lessened its stake in shares of CubeSmart (NYSE:CUBE) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 84,587 shares of the real estate investment trust’s stock after selling 2,541 shares during the period. Van ECK Associates Corp’s holdings in CubeSmart were worth $3,821,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Mather Group LLC. acquired a new position in shares of CubeSmart during the 1st quarter worth about $26,000. Whittier Trust Co. raised its holdings in CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares during the last quarter. Rise Advisors LLC acquired a new stake in CubeSmart in the 1st quarter valued at about $26,000. Larson Financial Group LLC acquired a new stake in CubeSmart in the 1st quarter valued at about $45,000. Finally, Quarry LP raised its holdings in CubeSmart by 1,845.7% in the 4th quarter. Quarry LP now owns 1,362 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 1,292 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Transactions at CubeSmart

In other news, COO Joel D. Keaton sold 43,478 shares of CubeSmart 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 sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the business’s 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 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the business’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 sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. 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.

CubeSmart Stock Performance

NYSE:CUBE opened at $51.49 on Thursday. The company has a fifty day simple moving average of $48.02 and a two-hundred day simple moving average of $44.99. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 28.61, a price-to-earnings-growth ratio of 9.48 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. CubeSmart has a 52 week low of $33.17 and a 52 week high of $52.30.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.23). The business had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. As a group, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 3.96%. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Wall Street Analyst Weigh In

A number of research firms have commented on CUBE. Barclays increased their price objective on shares of CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Raymond James increased their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Scotiabank started coverage on shares of CubeSmart in a report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price target for the company. Truist Financial raised their price target on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, BMO Capital Markets downgraded shares of CubeSmart from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $48.73.

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.