Erste Asset Management GmbH Takes Position in CubeSmart (NYSE:CUBE)

Erste Asset Management GmbH acquired a new position in CubeSmart (NYSE:CUBE - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 20,400 shares of the real estate investment trust's stock, valued at approximately $1,086,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CUBE. Boston Trust Walden Corp lifted its stake in shares of CubeSmart by 2.7% during the second quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust's stock valued at $39,947,000 after acquiring an additional 23,179 shares during the period. PGGM Investments increased its holdings in CubeSmart by 7.3% in the second quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust's stock valued at $39,242,000 after purchasing an additional 59,020 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in CubeSmart by 52.6% in the second quarter. Gateway Investment Advisers LLC now owns 358,286 shares of the real estate investment trust's stock valued at $16,184,000 after purchasing an additional 123,464 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in CubeSmart by 292.6% in the second quarter. Harbor Capital Advisors Inc. now owns 14,538 shares of the real estate investment trust's stock valued at $657,000 after purchasing an additional 10,835 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in CubeSmart by 46.6% in the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust's stock valued at $29,406,000 after purchasing an additional 173,683 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Analyst Ratings Changes

CUBE has been the subject of several recent analyst reports. Royal Bank of Canada lowered their price target on CubeSmart from $56.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, November 4th. Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the stock a "hold" rating in a report on Friday, August 16th. Evercore ISI increased their price target on CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. Scotiabank lowered their price target on CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating for the company in a report on Monday, November 25th. Finally, Jefferies Financial Group upped their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $51.36.

CubeSmart Stock Performance

Shares of CUBE traded down $0.38 during mid-day trading on Wednesday, reaching $47.96. The company's stock had a trading volume of 1,240,426 shares, compared to its average volume of 1,350,780. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The stock has a market cap of $10.85 billion, a P/E ratio of 27.31, a PEG ratio of 13.82 and a beta of 0.84. The business has a 50-day simple moving average of $49.58 and a two-hundred day simple moving average of $48.19. The company has a current ratio of 0.20, a quick 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 for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). The firm had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. CubeSmart's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. As a group, equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart 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.