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

CubeSmart (NYSE:CUBE) insider Jeffrey Foster sold 22,776 shares of CubeSmart stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $43.72, for a total transaction of $995,766.72. Following the completion of the transaction, the insider directly owned 205,057 shares in the company, valued at $8,965,092.04. This represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

CubeSmart Trading Down 0.2%

Shares of NYSE CUBE traded down $0.08 during mid-day trading on Tuesday, hitting $44.19. 2,932,159 shares of the company traded hands, compared to its average volume of 2,305,798. CubeSmart has a 1 year low of $35.09 and a 1 year high of $44.54. The stock has a market capitalization of $9.95 billion, a price-to-earnings ratio of 29.26, a PEG ratio of 6.82 and a beta of 1.05. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.34. The business has a 50 day moving average of $39.22 and a two-hundred day moving average of $39.61.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.23). CubeSmart had a net margin of 29.41% and a return on equity of 12.35%. The firm had revenue of $293.97 million for the quarter, compared to analyst estimates of $287.28 million. During the same period last year, the firm earned $0.65 earnings per share. CubeSmart’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that CubeSmart will post 2.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CubeSmart

Several large investors have recently made changes to their positions in CUBE. BlackRock Inc. bought a new position in CubeSmart during the second quarter valued at approximately $1,349,164,000. Canada Pension Plan Investment Board bought a new stake in CubeSmart in the second quarter worth approximately $288,512,000. Dimensional Fund Advisors LP grew its position in CubeSmart by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,354,921 shares of the real estate investment trust’s stock worth $122,953,000 after acquiring an additional 48,268 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of CubeSmart during the 2nd quarter worth $74,199,000. Finally, Hsbc Holdings PLC increased its stake in shares of CubeSmart by 73.6% during the 4th quarter. Hsbc Holdings PLC now owns 1,726,419 shares of the real estate investment trust’s stock worth $62,260,000 after purchasing an additional 731,883 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

CUBE has been the subject of several research analyst reports. UBS Group reduced their price objective on CubeSmart from $43.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, October 16th. Evercore set a $46.00 target price on CubeSmart in a research note on Monday, September 21st. KeyCorp reaffirmed a “sector weight” rating on shares of CubeSmart in a research note on Tuesday, August 4th. Raymond James Financial began coverage on CubeSmart in a report on Wednesday, July 15th. They issued an “outperform” rating and a $44.00 target price on the stock. Finally, Mizuho reduced their price target on shares of CubeSmart from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Wednesday, September 2nd. Five analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, CubeSmart has an average rating of “Hold” and an average target price of $42.73.

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.