CubeSmart $CUBE Stock Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its stake in CubeSmart (NYSE:CUBE) by 2.8% during the 3rd quarter, HoldingsChannel.com reports. 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’s holdings in CubeSmart were worth $20,342,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Essential Partners LLC increased its position in CubeSmart by 594.7% during the 1st quarter. Essential Partners LLC now owns 910 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 779 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in CubeSmart by 143.2% during the second quarter. Parkside Financial Bank & Trust now owns 941 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 554 shares during the last quarter. Elevation Wealth Partners LLC raised its stake in CubeSmart by 38.1% during the second quarter. Elevation Wealth Partners LLC now owns 1,417 shares of the real estate investment trust’s stock valued at $56,000 after buying an additional 391 shares during the last quarter. Global Retirement Partners LLC bought a new stake in CubeSmart in the second quarter worth $60,000. Finally, Root Financial Partners LLC bought a new stake in CubeSmart in the third quarter worth $65,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CUBE. UBS Group increased their target price on CubeSmart from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 4th. Truist Financial started coverage on CubeSmart in a research report on Friday, October 2nd. They issued a “buy” rating and a $41.00 price target for the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of CubeSmart in a research note on Tuesday, August 4th. Wells Fargo & Company upped their price target on shares of CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Finally, KeyCorp reissued a “sector weight” rating on shares of CubeSmart in a research report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, CubeSmart currently has an average rating of “Hold” and a consensus target price of $43.27.

CubeSmart Price Performance

Shares of CUBE opened at $45.08 on Thursday. The company has a market capitalization of $10.07 billion, a P/E ratio of 29.85, a price-to-earnings-growth ratio of 7.15 and a beta of 0.98. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.42. The firm has a 50 day moving average of $39.90 and a 200 day moving average of $39.83. CubeSmart has a twelve month low of $35.09 and a twelve month high of $46.41.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.23). The firm had revenue of $293.97 million during the quarter, compared to analysts’ expectations of $287.28 million. CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. CubeSmart’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.65 earnings per share. As a group, equities research analysts anticipate that CubeSmart will post 2.59 earnings per share for the current fiscal year.

Insider Activity at CubeSmart

In other CubeSmart news, insider Jeffrey Foster sold 22,776 shares of CubeSmart stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $43.72, for a total value of $995,766.72. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.76% of the company’s stock.

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.