CubeSmart (NYSE:CUBE) CEO Sells $1,792,650.00 in Stock

CubeSmart (NYSE:CUBE) CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were 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 owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

CubeSmart Trading Up 0.7 %

Shares of CUBE opened at $48.16 on Monday. The company has a quick ratio of 0.04, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. CubeSmart has a 12-month low of $33.17 and a 12-month high of $49.58. The firm has a market capitalization of $10.83 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 8.22 and a beta of 0.80. The stock’s fifty day simple moving average is $45.75 and its 200-day simple moving average is $44.18.

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 company had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.66 earnings per share. As a group, research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

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 issued a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 4.24%. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Institutional Investors Weigh In On CubeSmart

Large investors have recently made changes to their positions in the stock. Whittier Trust Co. boosted its stake in CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 323 shares during the period. Rise Advisors LLC bought a new stake in shares of CubeSmart in the first quarter valued at about $26,000. Mather Group LLC. acquired a new position in shares of CubeSmart during the first quarter worth about $26,000. GAMMA Investing LLC bought a new position in shares of CubeSmart during the fourth quarter worth about $28,000. Finally, Signaturefd LLC raised its position in CubeSmart by 72.5% in the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 292 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CUBE. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. 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. Raymond James boosted their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Evercore ISI raised their target price on CubeSmart from $44.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target 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.