CubeSmart $CUBE Stock: Boston Trust Walden Corp Cuts Holdings

Key Points

• Boston Trust Walden Corp cut its CubeSmart stake by 3.8% in the third quarter, selling 37,397 shares and retaining 946,799 shares valued at about $35.6 million.
• CubeSmart reported quarterly earnings of $0.42 per share, below the $0.65 consensus, while revenue of $293.97 million topped estimates and rose 3.1% year over year.
• Analysts have a consensus “Hold” rating and an average price target of $43.27; institutional investors collectively own 97.61% of the company.

Boston Trust Walden Corp lowered its holdings in CubeSmart (NYSE:CUBE - Free Report) by 3.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 946,799 shares of the real estate investment trust's stock after selling 37,397 shares during the quarter. Boston Trust Walden Corp owned 0.42% of CubeSmart worth $35,581,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CUBE. Valley Wealth Managers Inc. acquired a new position in shares of CubeSmart in the third quarter worth about $22,499,000. Ieq Capital LLC acquired a new stake in shares of CubeSmart during the 2nd quarter valued at about $9,966,000. Readystate Asset Management LP acquired a new stake in shares of CubeSmart during the 2nd quarter valued at about $2,989,000. Corient Private Wealth LP grew its position in shares of CubeSmart by 263.0% during the 2nd quarter. Corient Private Wealth LP now owns 161,619 shares of the real estate investment trust's stock valued at $6,428,000 after acquiring an additional 117,093 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of CubeSmart in the 2nd quarter valued at about $6,588,000. Hedge funds and other institutional investors own 97.61% of the company's stock.

Insider Buying and Selling at CubeSmart

In other CubeSmart news, insider Jeffrey Foster sold 22,776 shares of the firm's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $43.72, for a total transaction of $995,766.72. Following the sale, the insider owned 205,057 shares of the company's stock, valued at approximately $8,965,092.04. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.76% of the company's stock.

CubeSmart Stock Performance

Shares of CUBE stock opened at $45.38 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.07 and a current ratio of 0.06. The firm has a market cap of $10.14 billion, a P/E ratio of 30.05, a P/E/G ratio of 7.29 and a beta of 0.98. The firm's 50 day moving average price is $39.49 and its 200-day moving average price is $39.70. CubeSmart has a one year low of $35.09 and a one year high of $46.41.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.23). CubeSmart had a net margin of 30.17% and a return on equity of 13.15%. The firm had revenue of $293.97 million during the quarter, compared to analyst estimates of $287.28 million. During the same period in the prior year, the firm earned $0.65 earnings per share. The business's revenue was up 3.1% compared to the same quarter last year. As a group, equities research analysts predict that CubeSmart will post 2.59 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CUBE. Evercore set a $46.00 price objective on shares of CubeSmart in a report on Monday, September 21st. Raymond James Financial began coverage on shares of CubeSmart in a research report on Wednesday, July 15th. They set an "outperform" rating and a $44.00 price target for the company. Royal Bank Of Canada restated an "outperform" rating and set a $47.00 price target on shares of CubeSmart in a research report on Tuesday, August 4th. KeyCorp reaffirmed a "sector weight" rating on shares of CubeSmart in a research note on Tuesday, August 4th. Finally, Mizuho lowered their price objective on CubeSmart from $42.00 to $41.00 and set a "neutral" rating on the stock in a report on Wednesday, September 2nd. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $43.27.

CubeSmart Profile

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.

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