Sequoia Financial Advisors LLC Takes Position in CubeSmart (NYSE:CUBE)

Sequoia Financial Advisors LLC bought a new stake in CubeSmart (NYSE:CUBE - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 26,971 shares of the real estate investment trust's stock, valued at approximately $1,452,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Twin Tree Management LP raised its holdings in shares of CubeSmart by 29,720.5% in the 1st quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust's stock valued at $526,000 after purchasing an additional 11,591 shares in the last quarter. Tidal Investments LLC raised its stake in CubeSmart by 32.6% in the first quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust's stock valued at $4,040,000 after buying an additional 21,967 shares in the last quarter. Boston Trust Walden Corp lifted its holdings in CubeSmart by 2.7% during the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust's stock worth $39,947,000 after buying an additional 23,179 shares during the last quarter. PGGM Investments lifted its holdings in CubeSmart by 7.3% during the 2nd quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust's stock worth $39,242,000 after buying an additional 59,020 shares during the last quarter. Finally, TimesSquare Capital Management LLC acquired a new position in shares of CubeSmart during the 1st quarter worth about $48,716,000. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CUBE. Scotiabank started coverage on CubeSmart in a research note on Thursday, August 22nd. They set a "sector outperform" rating and a $53.00 target price for the company. Raymond James upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, July 23rd. Royal Bank of Canada began coverage on shares of CubeSmart in a research note on Tuesday, September 10th. They set an "outperform" rating and a $56.00 price target on the stock. Wells Fargo & Company upped their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Evercore ISI lifted their target price on CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $50.67.

CubeSmart Stock Performance

Shares of CUBE stock traded down $0.83 during midday trading on Friday, hitting $48.25. The company had a trading volume of 920,329 shares, compared to its average volume of 1,347,230. CubeSmart has a 52-week low of $33.17 and a 52-week high of $55.14. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The company's 50 day simple moving average is $51.58 and its 200 day simple moving average is $46.96. The stock has a market cap of $10.85 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 8.86 and a beta of 0.82.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). The firm had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.66 earnings per share. Research analysts anticipate that CubeSmart will post 2.65 earnings per share for the current fiscal year.

Insider Transactions at CubeSmart

In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the firm's stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the sale, the insider now owns 182,460 shares of the company's stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now directly owns 182,460 shares of the company's stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the sale, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 88,217 shares of company stock valued at $4,244,344. Corporate insiders own 1.68% of the company's stock.

CubeSmart Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.