BTS Asset Management Inc. Makes New Investment in CubeSmart (NYSE:CUBE)

BTS Asset Management Inc. purchased a new position in shares of CubeSmart (NYSE:CUBE) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,949 shares of the real estate investment trust’s stock, valued at approximately $266,000. CubeSmart comprises 0.3% of BTS Asset Management Inc.’s holdings, making the stock its 27th largest position.

A number of other institutional investors also recently bought and sold shares of the business. Mirador Capital Partners LP lifted its holdings in CubeSmart by 1.6% during the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock worth $855,000 after buying an additional 248 shares during the last quarter. Covestor Ltd lifted its holdings in CubeSmart by 11.8% during the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 278 shares during the last quarter. Presima Securities ULC lifted its holdings in CubeSmart by 2.9% during the 3rd quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock worth $571,000 after buying an additional 300 shares during the last quarter. Fifth Third Bancorp lifted its holdings in CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 311 shares during the last quarter. Finally, Whittier Trust Co. lifted its holdings in shares of CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at CubeSmart

In related news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart 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 transaction, the insider now owns 182,460 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the firm’s 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 in the company, valued at $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Truist Financial boosted their target price on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Raymond James boosted their price target on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Scotiabank started coverage on CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $50.67.

CubeSmart Price Performance

CUBE stock opened at $49.29 on Thursday. CubeSmart has a 52-week low of $33.17 and a 52-week high of $55.14. The stock’s fifty day simple moving average is $51.58 and its 200-day simple moving average is $46.92. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 8.86 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. During the same quarter in the previous year, the business posted $0.66 EPS. CubeSmart’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that CubeSmart will post 2.65 EPS for the current year.

About CubeSmart

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.