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

Key Points

• CubeSmart insider Jeffrey Foster sold 22,776 shares for about $996,000 at an average price of $43.72, reducing his ownership by 10% to 205,057 shares.
• CubeSmart’s latest quarterly EPS of $0.42 missed analyst expectations of $0.65, while revenue of $293.97 million exceeded estimates and increased 3.1% year over year.
• Analysts have a consensus Hold rating and an average price target of $42.73; shares traded at $44.19 in Tuesday midday trading.

CubeSmart (NYSE:CUBE - Get Free Report) insider Jeffrey Foster sold 22,776 shares of the company's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $43.72, for a total value of $995,766.72. Following the sale, the insider owned 205,057 shares of the company's stock, valued at $8,965,092.04. This represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

CubeSmart Trading Down 0.2%

Shares of NYSE CUBE traded down $0.08 during midday trading on Tuesday, hitting $44.19. The stock had a trading volume of 2,932,159 shares, compared to its average volume of 2,305,798. The company 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. CubeSmart has a 1-year low of $35.09 and a 1-year high of $44.54. 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 company has a fifty day moving average price of $39.22 and a 200 day moving average price of $39.61.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results 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 12.35% and a net margin of 29.41%. The business had revenue of $293.97 million for the quarter, compared to analyst estimates of $287.28 million. During the same period last year, the company posted $0.65 EPS. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, analysts predict that CubeSmart will post 2.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CUBE shares. Truist Financial assumed coverage on CubeSmart in a report on Friday, October 2nd. They issued a "buy" rating and a $41.00 price target for the company. UBS Group reduced their target price on shares of CubeSmart from $43.00 to $38.00 and set a "neutral" rating on the stock in a research report on Friday, October 16th. KeyCorp restated a "sector weight" rating on shares of CubeSmart in a research note on Tuesday, August 4th. Wells Fargo & Company raised their price target on shares of CubeSmart from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Friday, July 24th. Finally, Raymond James Financial started coverage on shares of CubeSmart in a research note on Wednesday, July 15th. They set an "outperform" rating and a $44.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $42.73.

Institutional Investors Weigh In On CubeSmart

Several institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC boosted its stake in CubeSmart by 0.5% during the 2nd quarter. HighTower Advisors LLC now owns 59,947 shares of the real estate investment trust's stock valued at $2,384,000 after purchasing an additional 281 shares during the period. Fifth Third Bancorp grew its holdings in CubeSmart by 12.5% in the 1st quarter. Fifth Third Bancorp now owns 2,608 shares of the real estate investment trust's stock worth $96,000 after buying an additional 289 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in CubeSmart by 15.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,204 shares of the real estate investment trust's stock valued at $79,000 after acquiring an additional 295 shares during the period. Nisa Investment Advisors LLC increased its position in CubeSmart by 1.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 18,317 shares of the real estate investment trust's stock valued at $688,000 after acquiring an additional 307 shares during the period. Finally, Brown Financial Advisors raised its stake in CubeSmart by 5.4% during the 2nd quarter. Brown Financial Advisors now owns 6,516 shares of the real estate investment trust's stock valued at $259,000 after acquiring an additional 336 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.