CubeSmart (NYSE:CUBE) Stock: Insider Jeffrey Foster Sells 22,776 Shares

CubeSmart (NYSE:CUBE) insider Jeffrey Foster sold 22,776 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 205,057 shares of the company’s stock, valued at approximately $8,965,092.04. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

CubeSmart Price Performance

CubeSmart stock opened at $45.84 on Thursday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.06 and a quick ratio of 0.07. The company has a market capitalization of $10.24 billion, a PE ratio of 30.36, a price-to-earnings-growth ratio of 7.03 and a beta of 0.98. CubeSmart has a one year low of $35.09 and a one year high of $45.91. The business has a 50 day simple moving average of $39.39 and a 200 day simple moving average of $39.67.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.23). The firm had revenue of $293.97 million during the quarter, compared to analyst estimates of $287.28 million. CubeSmart had a net margin of 30.17% and a return on equity of 13.15%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, sell-side analysts forecast that CubeSmart will post 2.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of CubeSmart during the second quarter worth approximately $1,349,164,000. Canada Pension Plan Investment Board acquired a new position in CubeSmart in the second quarter valued at approximately $288,512,000. Dimensional Fund Advisors LP boosted its stake in CubeSmart by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,354,921 shares of the real estate investment trust’s stock valued at $122,953,000 after acquiring an additional 48,268 shares during the last quarter. Bank of New York Mellon Corp bought a new position in CubeSmart in the second quarter valued at approximately $74,199,000. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new position in CubeSmart in the second quarter valued at approximately $68,552,000. 97.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on CUBE shares. Evercore set a $46.00 price objective on shares of CubeSmart in a research note on Monday, September 21st. Wells Fargo & Company lifted their target price on shares of CubeSmart from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Friday, July 24th. KeyCorp reiterated a “sector weight” rating on shares of CubeSmart in a research note on Tuesday, August 4th. Barclays raised CubeSmart from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $45.00 to $46.00 in a report on Friday, July 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CubeSmart in a research report on Tuesday, October 13th. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $43.27.

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.