CubeSmart (NYSE:CUBE) COO Sells $2,085,639.66 in Stock

CubeSmart (NYSE:CUBE) COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief operating officer now 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 at this hyperlink.

CubeSmart Stock Performance

Shares of NYSE CUBE traded down $0.18 during midday trading on Wednesday, reaching $47.34. 1,555,867 shares of the stock were exchanged, compared to its average volume of 1,394,863. The firm has a 50-day simple moving average of $45.36 and a two-hundred day simple moving average of $44.12. CubeSmart has a twelve month low of $33.17 and a twelve month high of $49.58. The firm has a market cap of $10.65 billion, a price-to-earnings ratio of 26.30, a PEG 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 (NYSE:CUBE) last released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.34%. The company had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. During the same period in the prior year, the business posted $0.66 EPS. CubeSmart’s revenue was up 2.1% compared to the same quarter last year. As a group, analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.51 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 4.31%. CubeSmart’s payout ratio is currently 113.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. raised its holdings in shares of CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 323 shares during the period. Rise Advisors LLC purchased a new position in shares of CubeSmart during the 1st quarter worth $26,000. Mather Group LLC. purchased a new position in shares of CubeSmart during the 1st quarter worth $26,000. GAMMA Investing LLC purchased a new position in shares of CubeSmart during the 4th quarter worth $28,000. Finally, Signaturefd LLC raised its holdings in shares of CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 292 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CUBE. BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Evercore ISI increased their price objective on shares of CubeSmart from $44.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Raymond James raised their price target 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. Finally, Wells Fargo & Company raised their price target on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. One 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 company’s stock. According to data from MarketBeat, CubeSmart presently has an average rating of “Hold” and a consensus target price of $46.36.

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.