CubeSmart (NYSE:CUBE) Stock Holdings Trimmed by Truist Financial Corp

Truist Financial Corp lessened its position in shares of CubeSmart (NYSE:CUBE) by 16.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,609,271 shares of the real estate investment trust’s stock after selling 505,783 shares during the period. Truist Financial Corp owned about 1.16% of CubeSmart worth $117,861,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in CubeSmart by 0.9% during the first quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after acquiring an additional 274,493 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of CubeSmart by 26.9% during the 1st 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 purchasing an additional 1,205,097 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of CubeSmart by 16.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock worth $201,692,000 after purchasing an additional 615,035 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in CubeSmart by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after purchasing an additional 169,600 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in CubeSmart by 12.5% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after buying an additional 303,347 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Buying and Selling at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The sale was disclosed in a legal 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 the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,217 shares of company stock valued at $4,244,344. Corporate insiders own 1.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Barclays boosted their price target 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 upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. 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 report on Friday, September 13th. Scotiabank assumed coverage on CubeSmart in a report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. Finally, Jefferies Financial Group raised their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average price target of $50.50.

CubeSmart Trading Down 1.5 %

Shares of CubeSmart stock opened at $53.01 on Wednesday. The business has a fifty day simple moving average of $50.83 and a 200-day simple moving average of $46.26. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $55.14. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of 29.45, a price-to-earnings-growth ratio of 9.73 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 (NYSE:CUBE) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 38.07% and a return on equity of 14.37%. CubeSmart’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 earnings per share. On average, equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a yield of 3.85%. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

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.