Pallas Capital Advisors LLC Reduces Stock Holdings in CubeSmart (NYSE:CUBE)

Pallas Capital Advisors LLC cut its holdings in CubeSmart (NYSE:CUBE) by 1.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 38,746 shares of the real estate investment trust’s stock after selling 507 shares during the quarter. Pallas Capital Advisors LLC’s holdings in CubeSmart were worth $1,902,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. grew its holdings in CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 323 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of CubeSmart by 302.0% during the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 444 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in CubeSmart during the 2nd quarter worth about $33,000. Larson Financial Group LLC acquired a new position in CubeSmart in the 1st quarter valued at about $45,000. Finally, Quarry LP raised its stake in CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 757 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

CubeSmart Stock Performance

CubeSmart stock opened at $47.68 on Wednesday. The company has a market cap of $10.74 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 8.81 and a beta of 0.82. CubeSmart has a 12 month low of $33.17 and a 12 month 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 stock’s 50-day moving average is $51.53 and its 200-day moving average is $47.03.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Raymond James lifted their target price on shares of 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 increased their price target on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada began coverage on CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price objective for the company. Finally, Scotiabank initiated 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, CubeSmart presently has an average rating of “Hold” and an average target price of $50.58.

Insider Activity 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 sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by corporate insiders.

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.