Thrivent Financial for Lutherans Sells 16,992 Shares of CubeSmart (NYSE:CUBE)

Thrivent Financial for Lutherans lowered its position in shares of CubeSmart (NYSE:CUBE - Free Report) by 24.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,906 shares of the real estate investment trust's stock after selling 16,992 shares during the period. Thrivent Financial for Lutherans' holdings in CubeSmart were worth $2,848,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. Allspring Global Investments Holdings LLC grew its holdings in CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust's stock worth $273,986,000 after buying an additional 624,661 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust's stock valued at $152,652,000 after buying an additional 169,600 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust's stock worth $123,234,000 after purchasing an additional 303,347 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of CubeSmart by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,491,552 shares of the real estate investment trust's stock valued at $112,543,000 after buying an additional 20,658 shares during the period. Finally, Boston Trust Walden Corp grew its stake in 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 valued at $39,947,000 after purchasing an additional 23,179 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Price Performance

CUBE traded up $0.22 during trading on Wednesday, hitting $50.14. The company's stock had a trading volume of 1,328,965 shares, compared to its average volume of 1,354,447. CubeSmart has a 12 month low of $38.34 and a 12 month high of $55.14. 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 firm's 50 day moving average price is $50.04 and its two-hundred day moving average price is $47.97. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 28.49, a price-to-earnings-growth ratio of 14.00 and a beta of 0.84.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results 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 during the quarter, compared to analyst estimates of $267.49 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The firm's revenue was up 1.1% on a year-over-year basis. Sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on CubeSmart from $48.00 to $50.00 and gave the company an "equal weight" rating in a report on Monday, October 21st. UBS Group lowered CubeSmart from a "buy" rating to a "neutral" rating and raised their target price for the company from $53.00 to $54.00 in a report on Friday, September 13th. Evercore ISI increased their price target on CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a report on Monday, September 16th. Royal Bank of Canada decreased their price objective on shares of CubeSmart from $56.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, November 4th. Finally, Barclays dropped their target price on shares of CubeSmart from $55.00 to $54.00 and set an "equal weight" rating on the stock in a report 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $51.36.

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.