Kestra Advisory Services LLC cut its stake in CubeSmart (NYSE:CUBE – Free Report) by 9.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 123,993 shares of the real estate investment trust’s stock after selling 12,193 shares during the period. Kestra Advisory Services LLC owned about 0.06% of CubeSmart worth $4,660,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of CubeSmart in the second quarter valued at approximately $1,349,164,000. Canada Pension Plan Investment Board purchased a new stake in shares of CubeSmart in the second quarter valued at about $288,512,000. Dimensional Fund Advisors LP raised its holdings in shares of CubeSmart by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,354,921 shares of the real estate investment trust’s stock valued at $122,953,000 after buying an additional 48,268 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in CubeSmart in the 2nd quarter valued at about $74,199,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in CubeSmart during the 2nd quarter valued at approximately $68,552,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.
Insiders Place Their Bets
In other CubeSmart news, insider Jeffrey Foster sold 22,776 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $43.72, for a total transaction of $995,766.72. Following the transaction, the insider owned 205,057 shares of the company’s stock, valued at $8,965,092.04. This represents a 10.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.76% of the company’s stock.
CubeSmart Price Performance
Shares of NYSE CUBE opened at $44.99 on Friday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.42. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of 29.79, a PEG ratio of 7.17 and a beta of 0.98. The company’s 50-day moving average price is $40.01 and its 200 day moving average price is $39.86. CubeSmart has a 52 week low of $35.09 and a 52 week high of $46.41.
CubeSmart (NYSE:CUBE – Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.23). CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. The company had revenue of $293.97 million for the quarter, compared to analyst estimates of $287.28 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, research analysts forecast that CubeSmart will post 2.59 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on CUBE. UBS Group increased their price target on CubeSmart from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, November 4th. Weiss Ratings reissued a “hold (c)” rating on shares of CubeSmart in a report on Tuesday, October 13th. Mizuho dropped their target price on CubeSmart from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 2nd. Truist Financial raised their price target on CubeSmart from $41.00 to $49.00 and gave the company a “buy” rating in a report on Thursday. Finally, KeyCorp reiterated a “sector weight” rating on shares of CubeSmart in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $44.00.
View Our Latest Analysis on CubeSmart
About CubeSmart
CubeSmart is a self-storage real estate investment trust (REIT) that owns and operates storage facilities in the United States. Its facilities provide rental storage space for individuals and businesses, with options that may include climate-controlled units and storage for vehicles, depending on the location. In addition to operating its own properties, CubeSmart provides management services for self-storage facilities owned by third parties. Its locations serve customers in markets across the country, including major metropolitan areas.
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