Joel D. Keaton Sells 43,478 Shares of CubeSmart (NYSE:CUBE) Stock

CubeSmart (NYSE:CUBE) COO Joel D. Keaton sold 43,478 shares of the stock in a transaction 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 directly owns 87,663 shares in the company, valued at $4,205,194.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

CubeSmart Price Performance

CUBE traded down $0.18 during midday trading on Wednesday, reaching $47.34. 1,555,867 shares of the company’s stock were exchanged, compared to its average volume of 1,394,863. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 8.43 and a beta of 0.80. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a one year low of $33.17 and a one year high of $49.58. The business has a 50-day simple moving average of $45.36 and a two-hundred day simple moving average of $44.12.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results 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 business had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a return on equity of 14.34% and a net margin of 38.07%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 EPS. As a group, research analysts predict that CubeSmart will post 2.64 EPS for the current 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 paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio is 113.33%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Twin Tree Management LP raised its stake in shares of CubeSmart by 29,720.5% in the first quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after acquiring an additional 11,591 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in shares of CubeSmart in the fourth quarter valued at approximately $1,370,000. Evoke Wealth LLC bought a new position in shares of CubeSmart in the fourth quarter valued at approximately $1,604,000. Natixis Advisors L.P. raised its stake in shares of CubeSmart by 35.0% in the fourth quarter. Natixis Advisors L.P. now owns 79,993 shares of the real estate investment trust’s stock valued at $3,707,000 after acquiring an additional 20,729 shares during the last quarter. Finally, New York Life Investment Management LLC bought a new position in shares of CubeSmart in the fourth quarter valued at approximately $1,180,000. Institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

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