CubeSmart (NYSE:CUBE) Shares Sold by abrdn plc

abrdn plc lowered its position in CubeSmart (NYSE:CUBE) by 66.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,090 shares of the real estate investment trust’s stock after selling 92,827 shares during the quarter. abrdn plc’s holdings in CubeSmart were worth $2,481,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CUBE. Whittier Trust Co. raised its position in CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the last quarter. UMB Bank n.a. lifted its holdings in CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of CubeSmart during the 2nd quarter worth about $33,000. Larson Financial Group LLC acquired a new stake in CubeSmart during the 1st quarter worth approximately $45,000. Finally, Quarry LP grew its position in CubeSmart by 195.6% in the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 757 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CUBE shares. Scotiabank assumed coverage on CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective on the stock. Jefferies Financial Group raised their target price on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Wells Fargo & Company increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Truist Financial increased their target price on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $51.73.

Insiders Place Their Bets

In related news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 576,836 shares in the company, valued at $27,947,704.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Christopher P. Marr sold 37,000 shares of the company’s 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 completion of the sale, the chief executive officer now owns 576,836 shares in the company, valued at $27,947,704.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction on 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 completion of the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.68% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE opened at $47.33 on Monday. The firm has a 50-day moving average of $51.36 and a 200-day moving average of $47.11. 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 stock has a market cap of $10.66 billion, a PE ratio of 26.74, a P/E/G ratio of 8.73 and a beta of 0.84. CubeSmart has a 52-week low of $34.51 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE) last released its 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 during the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. CubeSmart’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.66 earnings per share. On average, sell-side analysts anticipate that CubeSmart will post 2.65 EPS for the current year.

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.