PGGM Investments Increases Stock Position in CubeSmart (NYSE:CUBE)

PGGM Investments lifted its position in CubeSmart (NYSE:CUBE) by 7.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 868,769 shares of the real estate investment trust’s stock after purchasing an additional 59,020 shares during the quarter. PGGM Investments owned 0.39% of CubeSmart worth $39,242,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new position in CubeSmart during the 4th quarter valued at about $444,818,000. Janus Henderson Group PLC grew its stake in shares of CubeSmart by 1,575.2% during the 1st quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock valued at $82,277,000 after purchasing an additional 1,711,762 shares during the period. Price T Rowe Associates Inc. MD grew its stake 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 valued at $257,191,000 after purchasing an additional 1,205,097 shares during the period. TimesSquare Capital Management LLC purchased a new stake in CubeSmart during the first quarter valued at approximately $48,716,000. Finally, Centersquare Investment Management LLC raised its holdings in CubeSmart by 824.1% in the 4th quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock worth $52,282,000 after purchasing an additional 1,005,922 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Up 0.8 %

Shares of CubeSmart stock traded up $0.41 on Wednesday, reaching $48.93. 1,166,552 shares of the company were exchanged, compared to its average volume of 1,383,466. CubeSmart has a 1-year low of $33.17 and a 1-year high of $49.58. The stock’s 50 day moving average price is $46.09 and its 200-day moving average price is $44.25. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The company has a market cap of $11.01 billion, a P/E ratio of 27.18, a price-to-earnings-growth ratio of 8.81 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. During the same period in the previous year, the business posted $0.66 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The company also recently announced 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. This represents a $2.04 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Insider Activity at CubeSmart

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CUBE shares. Evercore ISI lifted 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 boosted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company raised their price target on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Finally, BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $50.00 to $47.00 in a research 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $46.36.

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.