CubeSmart (NYSE:CUBE) Insider Jeffrey Foster Sells 22,776 Shares of Company Stock

CubeSmart (NYSE:CUBE) insider Jeffrey Foster sold 22,776 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $43.72, for a total value of $995,766.72. Following the transaction, the insider owned 205,057 shares in the company, valued at $8,965,092.04. This trade represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

CubeSmart Trading Down 0.2%

Shares of CUBE stock opened at $44.19 on Wednesday. The stock has a market capitalization of $9.87 billion, a PE ratio of 29.26, a P/E/G ratio of 7.42 and a beta of 0.98. CubeSmart has a 1-year low of $35.09 and a 1-year high of $44.54. The business has a 50-day moving average of $39.29 and a 200 day moving average of $39.64. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.06 and a quick ratio of 0.07.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.23). The company had revenue of $293.97 million during the quarter, compared to analysts’ expectations of $287.28 million. CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. CubeSmart’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period last year, the firm earned $0.65 earnings per share. As a group, sell-side analysts anticipate that CubeSmart will post 2.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

CUBE has been the topic of several analyst reports. Barclays raised shares of CubeSmart from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $45.00 to $46.00 in a research note on Friday, July 10th. KeyCorp reissued a “sector weight” rating on shares of CubeSmart in a research report on Tuesday, August 4th. Raymond James Financial started coverage on shares of CubeSmart in a report on Wednesday, July 15th. They issued an “outperform” rating and a $44.00 price target on the stock. Truist Financial began coverage on shares of CubeSmart in a research report on Friday, October 2nd. They issued a “buy” rating and a $41.00 price objective on the stock. Finally, Wells Fargo & Company upped their price objective on shares of CubeSmart from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $42.73.

Hedge Funds Weigh In On CubeSmart

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of CubeSmart during the second quarter valued at approximately $1,349,164,000. Canada Pension Plan Investment Board purchased a new stake in shares of CubeSmart in the 2nd quarter worth approximately $288,512,000. Dimensional Fund Advisors LP increased its position in CubeSmart by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,354,921 shares of the real estate investment trust’s stock valued at $122,953,000 after buying an additional 48,268 shares in the last quarter. Bank of New York Mellon Corp bought a new position in CubeSmart during the 2nd quarter valued at approximately $74,199,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new position in CubeSmart during the second quarter valued at $68,552,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

About CubeSmart

CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. The company provides storage space for households, businesses and other customers through a portfolio serving metropolitan areas and communities across the country.

Its facilities offer a range of storage options, including traditional and climate-controlled units, as well as space for vehicles, boats and recreational vehicles at select locations.