Citigroup Inc. Buys 25,756 Shares of CubeSmart (NYSE:CUBE)

Citigroup Inc. raised its position in CubeSmart (NYSE:CUBE - Free Report) by 28.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 116,903 shares of the real estate investment trust's stock after purchasing an additional 25,756 shares during the period. Citigroup Inc. owned approximately 0.05% of CubeSmart worth $6,293,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of CUBE. CIBC Asset Management Inc grew its position in shares of CubeSmart by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust's stock valued at $358,000 after purchasing an additional 233 shares during the period. Mirador Capital Partners LP lifted its stake in CubeSmart by 1.6% in the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust's stock valued at $855,000 after buying an additional 248 shares in the last quarter. Presima Securities ULC boosted its holdings in shares of CubeSmart by 2.9% in the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust's stock valued at $571,000 after buying an additional 300 shares during the period. Fifth Third Bancorp increased its position in shares of CubeSmart by 14.7% during the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust's stock worth $110,000 after acquiring an additional 311 shares in the last quarter. Finally, Whittier Trust Co. raised its holdings in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 323 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

Shares of CUBE stock traded down $0.58 on Friday, hitting $49.56. The company's stock had a trading volume of 1,119,716 shares, compared to its average volume of 1,335,767. CubeSmart has a fifty-two week low of $39.52 and a fifty-two week high of $55.14. The company has a market capitalization of $11.21 billion, a PE ratio of 28.00, a PEG ratio of 13.91 and a beta of 0.84. The stock's 50 day moving average is $49.79 and its 200-day moving average is $48.09. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results 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 analyst estimates of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 EPS. Equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada dropped their target price on CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, November 4th. Jefferies Financial Group lifted their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. Truist Financial increased their target price on shares of CubeSmart from $44.00 to $50.00 and gave the stock a "hold" rating in a report on Friday, August 16th. Scotiabank lowered 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. Finally, Evercore ISI raised their price objective on CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $51.36.

CubeSmart Company 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.