Barclays PLC Raises Stock Holdings in CubeSmart (NYSE:CUBE)

Barclays PLC increased its position in CubeSmart (NYSE:CUBE - Free Report) by 54.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 330,549 shares of the real estate investment trust's stock after acquiring an additional 115,904 shares during the quarter. Barclays PLC owned about 0.15% of CubeSmart worth $17,793,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its stake in shares of CubeSmart by 14.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust's stock worth $273,986,000 after purchasing an additional 624,661 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in CubeSmart by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust's stock worth $152,652,000 after buying an additional 169,600 shares during the period. Charles Schwab Investment Management Inc. increased its stake in CubeSmart by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust's stock worth $163,260,000 after buying an additional 135,211 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust's stock valued at $123,234,000 after acquiring an additional 303,347 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of CubeSmart by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 2,491,552 shares of the real estate investment trust's stock valued at $112,543,000 after acquiring an additional 20,658 shares in the last quarter. Institutional investors own 97.61% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Jefferies Financial Group increased their target price on CubeSmart from $53.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Barclays cut their price objective on shares of CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. UBS Group downgraded shares of 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 report on Friday, September 13th. Evercore ISI raised their target price on shares of CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Finally, Scotiabank decreased their price target on shares of CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating on the stock in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $51.36.

CubeSmart Price Performance

Shares of NYSE CUBE traded down $0.17 during mid-day trading on Friday, hitting $46.27. 1,024,402 shares of the company's stock traded hands, compared to its average volume of 1,154,002. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The company's 50-day moving average is $48.67 and its two-hundred day moving average is $48.46. The company has a market capitalization of $10.46 billion, a P/E ratio of 26.14, a PEG ratio of 13.00 and a beta of 0.84.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). The company had revenue of $270.90 million for the quarter, compared to analysts' expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the company earned $0.68 earnings per share. On average, equities analysts anticipate that CubeSmart will post 2.63 EPS for the current fiscal 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.