CubeSmart (NYSE:CUBE) Shares Sold by State Street Corp

State Street Corp reduced its holdings in CubeSmart (NYSE:CUBE - Free Report) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,211,266 shares of the real estate investment trust's stock after selling 91,942 shares during the quarter. State Street Corp owned approximately 4.96% of CubeSmart worth $603,502,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Stifel Financial Corp increased its stake in CubeSmart by 42.5% during the third quarter. Stifel Financial Corp now owns 117,528 shares of the real estate investment trust's stock worth $6,327,000 after acquiring an additional 35,074 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of CubeSmart by 15.1% in the third quarter. Quantinno Capital Management LP now owns 76,805 shares of the real estate investment trust's stock valued at $4,134,000 after buying an additional 10,050 shares in the last quarter. Quarry LP grew its stake in shares of CubeSmart by 19.8% in the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust's stock valued at $74,000 after buying an additional 227 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of CubeSmart by 0.8% in the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust's stock valued at $1,758,000 after buying an additional 243 shares in the last quarter. Finally, Centiva Capital LP acquired a new stake in shares of CubeSmart in the third quarter valued at about $611,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Performance

NYSE:CUBE traded up $0.09 during trading hours on Monday, reaching $47.57. 1,066,902 shares of the stock were exchanged, compared to its average volume of 1,351,041. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a 50 day simple moving average of $49.25 and a 200-day simple moving average of $48.28. The stock has a market capitalization of $10.76 billion, a P/E ratio of 26.83, a P/E/G ratio of 13.34 and a beta of 0.84. CubeSmart has a 52 week low of $39.80 and a 52 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 earnings per share for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CUBE. Wells Fargo & Company increased their target price on CubeSmart from $48.00 to $50.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. UBS Group lowered CubeSmart from a "buy" rating to a "neutral" rating and increased their target price for the company from $53.00 to $54.00 in a research note on Friday, September 13th. Barclays lowered their target price on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a research note on Monday, October 28th. Truist Financial increased their target price on CubeSmart from $44.00 to $50.00 and gave the company a "hold" rating in a research note on Friday, August 16th. Finally, Jefferies Financial Group increased their price target on CubeSmart from $53.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $51.36.

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.