Sumitomo Mitsui Trust Group Inc. Sells 296,675 Shares of CubeSmart (NYSE:CUBE)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in CubeSmart (NYSE:CUBE - Free Report) by 46.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 336,218 shares of the real estate investment trust's stock after selling 296,675 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.15% of CubeSmart worth $18,099,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CUBE. Whittier Trust Co. increased its stake in CubeSmart by 136.9% in the second 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 in the last quarter. UMB Bank n.a. increased its stake in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust's stock valued at $32,000 after purchasing an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in CubeSmart in the second quarter valued at approximately $33,000. Quarry LP increased its stake in CubeSmart by 195.6% in the second 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 in the last quarter. Finally, Abich Financial Wealth Management LLC increased its position in shares of CubeSmart by 8,906.3% during the second quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust's stock worth $65,000 after acquiring an additional 1,425 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

CUBE stock traded up $0.30 during trading hours on Monday, reaching $48.63. The stock had a trading volume of 719,762 shares, compared to its average volume of 1,356,607. The stock has a market capitalization of $11.00 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 13.57 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a 50-day simple moving average of $50.61 and a 200 day simple moving average of $47.67. CubeSmart has a fifty-two week low of $38.29 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). The firm had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 EPS. Analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Evercore ISI increased their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a research report on Monday, September 16th. Raymond James increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, July 23rd. Wells Fargo & Company increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an "equal weight" rating in a report on Monday, October 21st. Scotiabank started coverage on shares of CubeSmart in a report on Thursday, August 22nd. They set a "sector outperform" rating and a $53.00 target price for the company. Finally, Barclays reduced their target price 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, CubeSmart currently has a consensus rating of "Hold" and an average target price of $51.45.

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.