Jeffrey P. Foster Sells 7,739 Shares of CubeSmart (NYSE:CUBE) Stock

CubeSmart (NYSE:CUBE) 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 transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

CubeSmart Stock Down 0.4 %

Shares of CUBE traded down $0.18 during midday trading on Wednesday, reaching $47.34. 1,555,867 shares of the company were exchanged, compared to its average volume of 1,394,863. The stock has a 50-day moving average price of $45.36 and a 200-day moving average price of $44.12. The company has a market cap of $10.65 billion, a price-to-earnings ratio of 26.30, a P/E/G ratio of 8.43 and a beta of 0.80. CubeSmart has a 1-year low of $33.17 and a 1-year high of $49.58. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.34% and a net margin of 38.07%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.66 EPS. Research analysts expect that CubeSmart will post 2.64 earnings per share for the current 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 given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is 113.33%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Albion Financial Group UT lifted its stake in shares of CubeSmart by 0.3% in the fourth quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust’s stock worth $3,685,000 after acquiring an additional 254 shares in the last quarter. Coldstream Capital Management Inc. lifted its stake in shares of CubeSmart by 0.8% in the fourth quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust’s stock worth $1,599,000 after acquiring an additional 266 shares in the last quarter. Covestor Ltd lifted its stake in shares of CubeSmart by 11.8% in the first quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 278 shares in the last quarter. Signaturefd LLC lifted its stake in shares of CubeSmart by 72.5% in the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 292 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of CubeSmart by 14.7% in the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 311 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CUBE. Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Wells Fargo & Company upped their price objective on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Evercore ISI lifted their target price on CubeSmart from $44.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average price target of $46.36.

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.