B&I Capital AG Cuts Stake in CubeSmart (NYSE:CUBE)

B&I Capital AG decreased its position in CubeSmart (NYSE:CUBE) by 7.8% during the 2nd quarter, Holdings Channel reports. The fund owned 189,490 shares of the real estate investment trust’s stock after selling 15,950 shares during the quarter. CubeSmart comprises about 2.7% of B&I Capital AG’s holdings, making the stock its 15th biggest position. B&I Capital AG’s holdings in CubeSmart were worth $8,559,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. United Services Automobile Association grew its holdings in CubeSmart by 8.5% during the second quarter. United Services Automobile Association now owns 17,806 shares of the real estate investment trust’s stock worth $804,000 after acquiring an additional 1,402 shares during the period. Wedbush Securities Inc. boosted its stake in shares of CubeSmart by 8.6% during the 2nd quarter. Wedbush Securities Inc. now owns 7,200 shares of the real estate investment trust’s stock worth $325,000 after acquiring an additional 571 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of CubeSmart in the 2nd quarter worth approximately $33,000. Oak Thistle LLC purchased a new position in CubeSmart in the 2nd quarter valued at approximately $257,000. Finally, Cullen Frost Bankers Inc. raised its holdings in CubeSmart by 5.3% during the second quarter. Cullen Frost Bankers Inc. now owns 102,194 shares of the real estate investment trust’s stock worth $4,616,000 after purchasing an additional 5,166 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CUBE. Barclays upped their target price on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Truist Financial upped their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Evercore ISI increased their price target on CubeSmart from $51.00 to $52.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, Raymond James lifted their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average price target of $48.73.

Insiders Place Their Bets

In related news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the completion of the sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO Joel D. Keaton sold 43,478 shares of the firm’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 sale, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s 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 completion of the transaction, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock worth $4,244,344 over the last ninety days. 1.68% of the stock is owned by company insiders.

CubeSmart Trading Up 0.2 %

Shares of CUBE opened at $51.96 on Tuesday. CubeSmart has a twelve month low of $33.17 and a twelve month high of $52.70. The firm has a market capitalization of $11.70 billion, a P/E ratio of 28.87, a price-to-earnings-growth ratio of 9.48 and a beta of 0.82. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03. The stock’s fifty day simple moving average is $48.45 and its 200 day simple moving average is $45.17.

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 the consensus estimate of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.66 earnings per share. On average, equities research analysts forecast that CubeSmart will post 2.64 earnings per share 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 given a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.93%. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

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.