Frank Rimerman Advisors LLC Acquires 8,016 Shares of CubeSmart (NYSE:CUBE)

Frank Rimerman Advisors LLC increased its holdings in shares of CubeSmart (NYSE:CUBE) by 42,189.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,035 shares of the real estate investment trust’s stock after buying an additional 8,016 shares during the period. Frank Rimerman Advisors LLC’s holdings in CubeSmart were worth $363,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Covestor Ltd raised its position in shares of CubeSmart by 11.8% during the first quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after acquiring an additional 278 shares during the last quarter. Fifth Third Bancorp raised its holdings in 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 during the last quarter. Whittier Trust Co. lifted its position in shares of 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. Mirador Capital Partners LP boosted its stake in shares of CubeSmart by 2.7% in the 2nd quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock valued at $706,000 after purchasing an additional 406 shares during the last quarter. Finally, Naples Global Advisors LLC increased its position in shares of CubeSmart by 1.9% during the first quarter. Naples Global Advisors LLC now owns 24,735 shares of the real estate investment trust’s stock worth $1,131,000 after buying an additional 460 shares during the period. 97.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on CUBE shares. Royal Bank of Canada started coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price target on the stock. Barclays upped their target price on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Truist Financial lifted their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and increased their price target for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Evercore ISI lifted their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. 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. According to data from MarketBeat, CubeSmart currently has an average rating of “Hold” and an average price target of $50.50.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $53.96 on Wednesday. The stock’s 50 day moving average price is $50.33 and its 200-day moving average price is $45.95. 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 company has a market capitalization of $12.15 billion, a PE ratio of 29.98, a PEG ratio of 9.91 and a beta of 0.82. CubeSmart has a twelve month low of $33.17 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data 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). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. During the same period last year, the company posted $0.66 earnings per share. CubeSmart’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid 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 3.78%. CubeSmart’s dividend payout ratio is 113.33%.

Insider Buying and Selling at CubeSmart

In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now owns 87,663 shares in the company, valued at approximately $4,205,194.11. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO Joel D. Keaton sold 43,478 shares of CubeSmart 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 $4,205,194.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock valued at $4,244,344 in the last 90 days. 1.68% of the stock is currently owned by company insiders.

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.