Edgestream Partners L.P. Purchases 61,714 Shares of CubeSmart (NYSE:CUBE)

Edgestream Partners L.P. lifted its position in shares of CubeSmart (NYSE:CUBE) by 330.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,405 shares of the real estate investment trust’s stock after purchasing an additional 61,714 shares during the period. Edgestream Partners L.P.’s holdings in CubeSmart were worth $3,632,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Twin Tree Management LP boosted its position in CubeSmart by 29,720.5% during the 1st quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock worth $526,000 after buying an additional 11,591 shares during the period. Evoke Wealth LLC acquired a new position in CubeSmart in the 4th quarter valued at approximately $1,604,000. Tidal Investments LLC increased its position in CubeSmart by 32.6% in the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock valued at $4,040,000 after acquiring an additional 21,967 shares during the period. Boston Trust Walden Corp increased its position in CubeSmart by 2.7% in the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock valued at $39,947,000 after acquiring an additional 23,179 shares during the period. Finally, PGGM Investments increased its position in CubeSmart by 7.3% in the 2nd quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock valued at $39,242,000 after acquiring an additional 59,020 shares during the period. 97.61% of the stock is currently owned by institutional investors.

Insider Transactions at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the business’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 of the company’s stock, valued at $4,205,194.11. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock valued at $4,244,344 over the last three months. Corporate insiders own 1.68% of the company’s stock.

CubeSmart Trading Down 0.9 %

Shares of CubeSmart stock opened at $54.04 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. CubeSmart has a 52 week low of $33.17 and a 52 week high of $54.68. The stock has a 50 day moving average price of $49.40 and a two-hundred day moving average price of $45.54. The stock has a market capitalization of $12.17 billion, a PE ratio of 30.02, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82.

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). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. During the same quarter last year, the firm 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 anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is presently 113.33%.

Analyst Ratings Changes

Several brokerages have issued reports on CUBE. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price target for the company from $53.00 to $54.00 in a research report on Friday, September 13th. Raymond James upped their price target 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. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. 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. Finally, Barclays upped their price objective 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 research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $49.75.

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.