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CubeSmart (NYSE:CUBE) Shares Sold by abrdn plc

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abrdn plc lessened its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 66.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,090 shares of the real estate investment trust's stock after selling 92,827 shares during the period. abrdn plc's holdings in CubeSmart were worth $2,481,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in CubeSmart by 12.3% during the 1st quarter. BNP Paribas Financial Markets now owns 147,029 shares of the real estate investment trust's stock worth $6,649,000 after purchasing an additional 16,074 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in CubeSmart by 7.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 72,964 shares of the real estate investment trust's stock worth $3,299,000 after acquiring an additional 4,923 shares during the period. Larson Financial Group LLC acquired a new position in shares of CubeSmart in the first quarter valued at about $45,000. Texas Permanent School Fund Corp raised its stake in shares of CubeSmart by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 196,796 shares of the real estate investment trust's stock worth $8,899,000 after purchasing an additional 2,549 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in CubeSmart by 19.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,466 shares of the real estate investment trust's stock worth $745,000 after buying an additional 2,737 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

CUBE traded up $0.67 during midday trading on Monday, hitting $48.00. 1,569,849 shares of the company traded hands, compared to its average volume of 1,352,367. The business has a 50 day simple moving average of $51.36 and a two-hundred day simple moving average of $47.15. CubeSmart has a 52-week low of $35.58 and a 52-week high of $55.14. The company has a market capitalization of $10.81 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 8.73 and a beta of 0.84. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $270.90 million during the quarter, compared to analysts' expectations of $267.49 million. During the same period in the prior year, the business posted $0.68 earnings per share. The company's quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities analysts forecast that CubeSmart will post 2.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an "equal weight" rating in a research report on Monday, October 21st. Raymond James upped their target price on CubeSmart from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 23rd. Jefferies Financial Group lifted their price target on CubeSmart from $53.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Truist Financial upped their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a "hold" rating in a research report on Friday, August 16th. Finally, Evercore ISI lifted their target price on shares of CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $51.45.

Check Out Our Latest Research Report on CubeSmart

Insider Transactions at CubeSmart

In related news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the transaction, the chief executive officer now directly owns 576,836 shares of the company's stock, valued at approximately $27,947,704.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Joel D. Keaton sold 43,478 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the company's stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares of the company's stock, valued at approximately $27,947,704.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.68% of the company's stock.

CubeSmart Profile

(Free Report)

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.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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