Van ECK Associates Corp Raises Position in CubeSmart (NYSE:CUBE)

Van ECK Associates Corp grew its position in CubeSmart (NYSE:CUBE - Free Report) by 12.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 94,950 shares of the real estate investment trust's stock after buying an additional 10,363 shares during the period. Van ECK Associates Corp's holdings in CubeSmart were worth $4,681,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CUBE. Whittier Trust Co. raised its holdings in shares of CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 323 shares during the period. UMB Bank n.a. lifted its position in shares of CubeSmart by 302.0% in 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 last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of CubeSmart during the 2nd quarter worth approximately $33,000. Quarry LP raised its stake in CubeSmart by 195.6% in the 2nd 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 during the period. Finally, Abich Financial Wealth Management LLC raised its stake in CubeSmart by 8,906.3% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust's stock valued at $65,000 after acquiring an additional 1,425 shares during the period. Institutional investors own 97.61% of the company's stock.

CubeSmart Stock Performance

CUBE stock traded up $1.13 during midday trading on Friday, reaching $48.88. 1,152,835 shares of the company's stock traded hands, compared to its average volume of 1,361,096. The firm has a market capitalization of $11.05 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 8.53 and a beta of 0.84. The company has a 50-day moving average price of $51.01 and a two-hundred day moving average price of $47.29. CubeSmart has a 52 week low of $35.69 and a 52 week high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.03 and a current ratio of 0.20.

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 for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to analysts' expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 earnings per share. As a group, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Raymond James raised their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 23rd. Evercore ISI boosted their price target on 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 cut CubeSmart from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Barclays dropped their target price on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. Finally, Royal Bank of Canada decreased their price target on shares of CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $51.45.

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.