CubeSmart (NYSE:CUBE) Holdings Trimmed by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. decreased its position in CubeSmart (NYSE:CUBE - Free Report) by 3.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,439,259 shares of the real estate investment trust's stock after selling 76,722 shares during the quarter. Diamond Hill Capital Management Inc. owned about 1.08% of CubeSmart worth $131,305,000 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 CUBE. Los Angeles Capital Management LLC purchased a new stake in CubeSmart in the 3rd quarter valued at about $3,049,000. State of New Jersey Common Pension Fund D grew its holdings in CubeSmart by 1.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 130,998 shares of the real estate investment trust's stock valued at $7,052,000 after buying an additional 1,650 shares during the period. Transcendent Capital Group LLC purchased a new stake in CubeSmart in the 3rd quarter valued at about $337,000. Carmel Capital Partners LLC grew its holdings in CubeSmart by 4.3% in the 3rd quarter. Carmel Capital Partners LLC now owns 9,611 shares of the real estate investment trust's stock valued at $517,000 after buying an additional 395 shares during the period. Finally, QRG Capital Management Inc. grew its holdings in shares of CubeSmart by 15.3% during the 3rd quarter. QRG Capital Management Inc. now owns 9,456 shares of the real estate investment trust's stock worth $509,000 after purchasing an additional 1,255 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CUBE. Wells Fargo & Company boosted their target price on CubeSmart from $48.00 to $50.00 and gave the stock an "equal weight" rating in a report on Monday, October 21st. Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, November 4th. UBS Group cut 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 boosted their target price on CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. Finally, Barclays decreased their target price on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, CubeSmart presently has a consensus rating of "Hold" and a consensus price target of $51.45.

CubeSmart Stock Down 0.3 %

Shares of CUBE traded down $0.13 during trading on Monday, reaching $48.75. The company's stock had a trading volume of 731,104 shares, compared to its average volume of 1,358,210. The company has a fifty day moving average of $51.01 and a two-hundred day moving average of $47.36. CubeSmart has a twelve month low of $35.69 and a twelve month high of $55.14. The company has a market cap of $11.02 billion, a price-to-earnings ratio of 27.62, a P/E/G ratio of 8.93 and a beta of 0.84. The company has a quick ratio of 0.03, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its 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 business 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 for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 earnings per share. On average, sell-side analysts predict that CubeSmart will post 2.64 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.