CubeSmart (NYSE:CUBE) Shares Sold by Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. trimmed its position in CubeSmart (NYSE:CUBE) by 2.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,158,135 shares of the real estate investment trust’s stock after selling 65,419 shares during the quarter. CubeSmart comprises 1.2% of Duff & Phelps Investment Management Co.’s holdings, making the stock its 26th largest position. Duff & Phelps Investment Management Co. owned approximately 0.96% of CubeSmart worth $97,483,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings in CubeSmart by 1,575.2% in the first quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock valued at $82,277,000 after purchasing an additional 1,711,762 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of CubeSmart by 26.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock worth $257,191,000 after buying an additional 1,205,097 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of CubeSmart in the first quarter worth about $48,716,000. Centersquare Investment Management LLC grew its holdings in CubeSmart by 824.1% during the fourth quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock worth $52,282,000 after acquiring an additional 1,005,922 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its position in CubeSmart by 4,265.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 649,106 shares of the real estate investment trust’s stock valued at $30,086,000 after acquiring an additional 634,237 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Trading Up 0.4 %

Shares of CubeSmart stock opened at $53.23 on Friday. CubeSmart has a twelve month low of $33.17 and a twelve month high of $55.14. The firm’s 50-day moving average price is $50.63 and its 200 day moving average price is $46.11. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $11.98 billion, a PE ratio of 29.57, a P/E/G ratio of 9.86 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last released its earnings results 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). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same quarter last year, the business earned $0.66 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. On average, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm 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 dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is 113.33%.

Insider Activity

In related news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction dated 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 owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares in the company, valued at $4,205,194.11. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock worth $4,244,344 over the last three months. Insiders own 1.68% of the company’s stock.

Analysts Set New Price Targets

CUBE has been the topic of several recent research reports. Truist Financial upped their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Scotiabank assumed coverage on shares of CubeSmart in a report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price target on the stock. Raymond James lifted 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. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their target price for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Finally, Barclays lifted their price target on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.