Fmr LLC Sells 1,465,577 Shares of CubeSmart (NYSE:CUBE)

FMR LLC lowered its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 8.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 16,487,939 shares of the real estate investment trust's stock after selling 1,465,577 shares during the period. FMR LLC owned about 7.29% of CubeSmart worth $887,546,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Tidal Investments LLC raised its position in CubeSmart by 32.6% during the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust's stock worth $4,040,000 after purchasing an additional 21,967 shares during the last quarter. Boston Trust Walden Corp lifted its stake in shares of CubeSmart by 2.7% in the second quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust's stock worth $39,947,000 after acquiring an additional 23,179 shares during the period. PGGM Investments boosted 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 acquiring an additional 59,020 shares during the last quarter. Gateway Investment Advisers LLC increased its position in CubeSmart by 52.6% during the 2nd 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 period. Finally, Harbor Capital Advisors Inc. raised its holdings in CubeSmart by 292.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,538 shares of the real estate investment trust's stock worth $657,000 after purchasing an additional 10,835 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CUBE shares. Wells Fargo & Company increased their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Monday, October 21st. Jefferies Financial Group lifted 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. Royal Bank of Canada cut 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. UBS Group downgraded CubeSmart from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Barclays dropped their price target on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating on the stock in a research note on Monday, October 28th. One equities 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. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $51.36.

CubeSmart Stock Up 0.4 %

NYSE CUBE traded up $0.22 during mid-day trading on Thursday, hitting $50.14. The company's stock had a trading volume of 1,328,976 shares, compared to its average volume of 1,446,887. The firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 14.02 and a beta of 0.84. The company's 50 day simple moving average is $49.96 and its 200 day simple moving average is $47.98. 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 has a twelve month low of $38.34 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data 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). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. The firm's quarterly revenue was up 1.1% compared to the same quarter last year. Analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

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.