Allspring Global Investments Holdings LLC Has $273.99 Million Holdings in CubeSmart (NYSE:CUBE)

Allspring Global Investments Holdings LLC raised its stake in CubeSmart (NYSE:CUBE) by 14.0% in the third quarter, Holdings Channel.com reports. The firm owned 5,089,845 shares of the real estate investment trust’s stock after acquiring an additional 624,661 shares during the period. Allspring Global Investments Holdings LLC’s holdings in CubeSmart were worth $273,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in CUBE. Vanguard Group Inc. raised its position in shares of CubeSmart by 0.9% during the first quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock valued at $1,443,316,000 after buying an additional 274,493 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of CubeSmart by 26.9% during the first 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 buying an additional 1,205,097 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after buying an additional 169,600 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after buying an additional 303,347 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of CubeSmart by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 2,491,552 shares of the real estate investment trust’s stock valued at $112,543,000 after buying an additional 20,658 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Insider Buying and Selling

In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction on Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the sale, the insider now directly owns 182,460 shares in the company, valued at approximately $8,630,358. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction on 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 sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,217 shares of company stock worth $4,244,344 over the last ninety days. Company insiders own 1.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Scotiabank assumed coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target for the company. Royal Bank of Canada assumed coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target for the company. Jefferies Financial Group increased their price target on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company raised their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, Barclays increased their price target on shares of CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.50.

CubeSmart Trading Up 0.2 %

CUBE stock traded up $0.08 during midday trading on Friday, reaching $49.98. The company’s stock had a trading volume of 1,079,176 shares, compared to its average volume of 1,467,054. CubeSmart has a 52 week low of $33.17 and a 52 week high of $55.14. The stock has a market cap of $11.26 billion, a PE ratio of 28.08, a price-to-earnings-growth ratio of 9.12 and a beta of 0.82. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The business’s 50-day simple moving average is $51.56 and its 200-day simple moving average is $46.84.

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 the consensus estimate of $0.64 by ($0.23). The firm had revenue of $266.20 million during 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 company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $0.66 earnings per share. As a group, sell-side analysts expect that CubeSmart will post 2.65 EPS for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a dividend of $0.51 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.08%. CubeSmart’s payout ratio is 114.61%.

About CubeSmart

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.