Ontario Teachers Pension Plan Board lessened its stake in CubeSmart (NYSE:CUBE - Free Report) by 44.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,556 shares of the real estate investment trust's stock after selling 27,891 shares during the period. Ontario Teachers Pension Plan Board's holdings in CubeSmart were worth $1,860,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in CUBE. CIBC Asset Management Inc boosted its stake in CubeSmart by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust's stock worth $358,000 after purchasing an additional 233 shares during the last quarter. Mirador Capital Partners LP grew its holdings in shares of CubeSmart by 1.6% during the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust's stock worth $855,000 after buying an additional 248 shares during the last quarter. Covestor Ltd raised its stake in shares of CubeSmart by 11.8% during the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust's stock worth $119,000 after buying an additional 278 shares in the last quarter. Presima Securities ULC grew its holdings in CubeSmart by 2.9% in the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust's stock valued at $571,000 after purchasing an additional 300 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in CubeSmart by 14.7% in the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust's stock valued at $110,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 97.61% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on CUBE shares. Evercore ISI upped their target price on shares of CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. UBS Group downgraded 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. Truist Financial upped their price target on CubeSmart from $44.00 to $50.00 and gave the company a "hold" rating in a research note on Friday, August 16th. Royal Bank of Canada dropped their target price on CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, November 4th. Finally, 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 note on Monday, October 21st. One equities 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 MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $51.45.
Check Out Our Latest Stock Analysis on CubeSmart
CubeSmart Trading Down 1.3 %
CUBE traded down $0.64 during mid-day trading on Wednesday, hitting $48.34. 980,461 shares of the stock were exchanged, compared to its average volume of 1,354,059. CubeSmart has a 1-year low of $38.29 and a 1-year high of $55.14. The company has a market cap of $10.93 billion, a PE ratio of 27.68, a PEG ratio of 13.65 and a beta of 0.84. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm's fifty day moving average is $50.52 and its two-hundred day moving average is $47.72.
CubeSmart (NYSE:CUBE - Get Free Report) last posted 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 period last year, the company earned $0.68 earnings per share. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. Equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.
About CubeSmart
(
Free Report)
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.
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