Algert Global LLC Has $2.12 Million Holdings in CubeSmart (NYSE:CUBE)

Algert Global LLC boosted its position in CubeSmart (NYSE:CUBE) by 93.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 46,981 shares of the real estate investment trust’s stock after acquiring an additional 22,651 shares during the quarter. Algert Global LLC’s holdings in CubeSmart were worth $2,122,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Covestor Ltd grew 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 valued at $119,000 after buying an additional 278 shares during the last quarter. Fifth Third Bancorp grew its position in CubeSmart by 14.7% in 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. grew 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 worth $25,000 after purchasing an additional 323 shares during the last quarter. Mirador Capital Partners LP grew its position in 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 worth $706,000 after purchasing an additional 406 shares during the last quarter. Finally, Naples Global Advisors LLC grew its position in CubeSmart by 1.9% in the 1st quarter. Naples Global Advisors LLC now owns 24,735 shares of the real estate investment trust’s stock worth $1,131,000 after purchasing an additional 460 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the company’s 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 transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 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. Corporate insiders own 1.68% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Raymond James raised their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Truist Financial raised their price target 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. Wells Fargo & Company raised their price target on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Evercore ISI raised their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their target price for the company from $53.00 to $54.00 in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, CubeSmart currently has an average rating of “Hold” and an average price target of $50.50.

CubeSmart Price Performance

NYSE:CUBE opened at $52.37 on Thursday. The firm has a market cap of $11.78 billion, a PE ratio of 29.09, a price-to-earnings-growth ratio of 9.73 and a beta of 0.82. CubeSmart has a 12 month low of $33.17 and a 12 month high of $55.14. 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’s 50-day moving average price is $50.93 and its two-hundred day moving average price is $46.30.

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

CubeSmart Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.51 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.90%. CubeSmart’s dividend payout ratio (DPR) 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.