Harbor Capital Advisors Inc. Boosts Stake in CubeSmart (NYSE:CUBE)

Harbor Capital Advisors Inc. increased its holdings in CubeSmart (NYSE:CUBE - Free Report) by 127.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 33,013 shares of the real estate investment trust's stock after acquiring an additional 18,475 shares during the period. Harbor Capital Advisors Inc.'s holdings in CubeSmart were worth $1,777,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. grew its position in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 323 shares during the period. UMB Bank n.a. lifted its stake in CubeSmart by 302.0% during the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust's stock worth $32,000 after purchasing an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of CubeSmart in the second quarter valued at $33,000. Larson Financial Group LLC acquired a new stake in shares of CubeSmart in the first quarter valued at $45,000. Finally, Quarry LP raised its stake in shares of 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 acquiring an additional 757 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

NYSE:CUBE traded down $2.38 during mid-day trading on Wednesday, reaching $46.69. The stock had a trading volume of 3,374,076 shares, compared to its average volume of 1,361,900. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.03 and a current ratio of 0.20. The firm has a market capitalization of $10.56 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 8.77 and a beta of 0.84. CubeSmart has a twelve month low of $35.58 and a twelve month high of $55.14. The business has a 50 day simple moving average of $51.24 and a 200 day simple moving average of $47.24.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data 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%. CubeSmart's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 EPS. On average, analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CUBE. UBS Group cut CubeSmart from a "buy" rating to a "neutral" rating and increased their price objective for the company from $53.00 to $54.00 in a research note on Friday, September 13th. Evercore ISI increased their price objective on CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Raymond James raised their price target on CubeSmart from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, July 23rd. Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday. Finally, Barclays dropped their price objective on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating on the stock 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 issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $51.45.

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.