Retirement Systems of Alabama Sells 4,700 Shares of CubeSmart (NYSE:CUBE)

Retirement Systems of Alabama decreased its stake in shares of CubeSmart (NYSE:CUBE) by 0.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 605,469 shares of the real estate investment trust’s stock after selling 4,700 shares during the quarter. Retirement Systems of Alabama’s holdings in CubeSmart were worth $27,349,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Coldstream Capital Management Inc. increased its position in CubeSmart by 0.8% during the 4th quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust’s stock worth $1,599,000 after buying an additional 266 shares during the period. Covestor Ltd raised its stake in CubeSmart by 11.8% in the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 278 shares in the last quarter. Signaturefd LLC boosted its holdings 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 purchasing an additional 292 shares during the period. Fifth Third Bancorp grew its position in shares of CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 311 shares in the last quarter. Finally, HHM Wealth Advisors LLC grew its position in shares of CubeSmart by 53.1% during the 4th quarter. HHM Wealth Advisors LLC now owns 1,035 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 359 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Buying and Selling at CubeSmart

In related news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now directly 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 accessible through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $8,630,358. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Truist Financial boosted their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Scotiabank initiated coverage on CubeSmart in a research report on Thursday. They set a “sector outperform” rating and a $53.00 target price for the company. Raymond James raised their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company boosted their price target on CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Evercore ISI increased their price objective on shares of CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $47.83.

CubeSmart Price Performance

Shares of CUBE traded up $1.03 during mid-day trading on Friday, reaching $51.48. The company had a trading volume of 1,116,552 shares, compared to its average volume of 1,288,003. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 9.22 and a beta of 0.80. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The company’s 50 day simple moving average is $46.97 and its 200 day simple moving average is $44.53. CubeSmart has a 1-year low of $33.17 and a 1-year high of $51.60.

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

CubeSmart Dividend Announcement

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. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.96%. CubeSmart’s payout ratio is presently 113.33%.

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.