CubeSmart (NYSE:CUBE) Position Reduced by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System reduced its position in CubeSmart (NYSE:CUBE) by 1.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 62,400 shares of the real estate investment trust’s stock after selling 1,200 shares during the quarter. Louisiana State Employees Retirement System’s holdings in CubeSmart were worth $3,359,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Whittier Trust Co. boosted its stake 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 period. UMB Bank n.a. raised its stake in CubeSmart by 302.0% during 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 during the period. Ashton Thomas Private Wealth LLC purchased a new stake in shares of CubeSmart in the second quarter valued at $33,000. Larson Financial Group LLC acquired a new stake in shares of CubeSmart in the first quarter worth $45,000. Finally, Quarry LP grew its holdings in shares of CubeSmart by 195.6% during the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 757 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, 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 transaction of $1,792,650.00. Following the completion of the transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the firm’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 value of $2,085,639.66. Following the completion of the sale, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 over the last 90 days. 1.68% of the stock is currently owned by company insiders.

CubeSmart Stock Down 1.7 %

CUBE stock opened at $48.25 on Monday. The firm has a market cap of $10.85 billion, a PE ratio of 26.81, a PEG ratio of 8.86 and a beta of 0.82. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. The company has a fifty day simple moving average of $51.58 and a 200 day simple moving average of $46.98. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company 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%. CubeSmart’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. Sell-side analysts anticipate that CubeSmart will post 2.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Barclays increased their price objective on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their price target for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Truist Financial boosted their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. 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, Raymond James boosted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $50.67.

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.