Principal Financial Group Inc. Trims Holdings in CubeSmart (NYSE:CUBE)

Principal Financial Group Inc. cut its stake in CubeSmart (NYSE:CUBE - Free Report) by 30.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 521,502 shares of the real estate investment trust's stock after selling 227,636 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of CubeSmart worth $28,072,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Whittier Trust Co. boosted its stake in shares of CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 323 shares during the period. UMB Bank n.a. boosted its position in shares of CubeSmart by 302.0% during the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 444 shares during the period. Ashton Thomas Private Wealth LLC bought a new position in shares of CubeSmart during the second quarter valued at approximately $33,000. Quarry LP raised its holdings 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 worth $52,000 after buying an additional 757 shares during the period. Finally, Abich Financial Wealth Management LLC lifted its stake in shares of CubeSmart by 8,906.3% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust's stock worth $65,000 after acquiring an additional 1,425 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CUBE. Jefferies Financial Group boosted their price objective on CubeSmart from $53.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. Scotiabank began coverage on CubeSmart in a report on Thursday, August 22nd. They set a "sector outperform" rating and a $53.00 price objective for the company. Barclays dropped their price objective on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. Wells Fargo & Company upped 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. Finally, Evercore ISI upped 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. 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. According to MarketBeat.com, CubeSmart currently has an average rating of "Hold" and a consensus target price of $51.45.

CubeSmart Stock Up 1.8 %

Shares of NYSE CUBE traded up $0.86 during mid-day trading on Wednesday, reaching $48.66. 419,654 shares of the company were exchanged, compared to its average volume of 1,360,010. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market cap of $11.00 billion, a price-to-earnings ratio of 27.65, a P/E/G ratio of 8.75 and a beta of 0.84. CubeSmart has a 1 year low of $37.27 and a 1 year high of $55.14. The firm has a 50-day moving average of $50.87 and a 200 day moving average of $47.46.

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 the consensus estimate 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 period in the prior year, the company earned $0.68 earnings per share. The company's quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts expect that CubeSmart will post 2.64 earnings per share for the current 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.