CubeSmart $CUBE Stock Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its holdings in shares of CubeSmart (NYSE:CUBE) by 2.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 541,309 shares of the real estate investment trust’s stock after selling 15,867 shares during the quarter. Retirement Systems of Alabama owned approximately 0.24% of CubeSmart worth $20,342,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Essential Partners LLC boosted its holdings in CubeSmart by 594.7% in the first quarter. Essential Partners LLC now owns 910 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 779 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in CubeSmart by 143.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 941 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 554 shares in the last quarter. Elevation Wealth Partners LLC raised its holdings in CubeSmart by 38.1% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,417 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 391 shares in the last quarter. Global Retirement Partners LLC bought a new position in CubeSmart in the 2nd quarter worth $60,000. Finally, Root Financial Partners LLC purchased a new stake in shares of CubeSmart in the 3rd quarter worth about $65,000. Institutional investors own 97.61% of the company’s stock.

Insider Activity

In related news, 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 completion of the transaction, the insider directly owned 205,057 shares in the company, valued at $8,965,092.04. This trade represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.76% of the stock is currently owned by insiders.

CubeSmart Price Performance

Shares of CUBE stock opened at $45.08 on Thursday. The stock has a market cap of $10.07 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 7.15 and a beta of 0.98. The business’s fifty day moving average is $39.90 and its 200 day moving average is $39.83. CubeSmart has a twelve month low of $35.09 and a twelve month high of $46.41. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.42.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.23). CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. The firm had revenue of $293.97 million during the quarter, compared to the consensus estimate of $287.28 million. During the same quarter last year, the company posted $0.65 EPS. CubeSmart’s revenue for the quarter was up 3.1% compared to the same quarter last year. Research analysts expect that CubeSmart will post 2.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Evercore set a $46.00 target price on shares of CubeSmart in a research note on Monday, September 21st. Royal Bank Of Canada reiterated an “outperform” rating and set a $47.00 price target on shares of CubeSmart in a research report on Tuesday, August 4th. Truist Financial started coverage on shares of CubeSmart in a research note on Friday, October 2nd. They issued a “buy” rating and a $41.00 price target for the company. Wells Fargo & Company raised their price objective on shares of CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of CubeSmart in a research report on Tuesday, October 13th. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $43.27.

About CubeSmart

CubeSmart is a self-storage real estate investment trust (REIT) that owns and operates storage facilities in the United States. Its facilities provide rental storage space for individuals and businesses, with options that may include climate-controlled units and storage for vehicles, depending on the location. In addition to operating its own properties, CubeSmart provides management services for self-storage facilities owned by third parties. Its locations serve customers in markets across the country, including major metropolitan areas.