CubeSmart (NYSE:CUBE) Shares Sold by Wolverine Asset Management LLC

Wolverine Asset Management LLC reduced its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 30.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 59,263 shares of the real estate investment trust's stock after selling 25,438 shares during the period. Wolverine Asset Management LLC's holdings in CubeSmart were worth $3,190,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mirador Capital Partners LP boosted its position in shares of CubeSmart by 1.6% during the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust's stock worth $855,000 after purchasing an additional 248 shares in the last quarter. Covestor Ltd lifted its holdings in 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 purchasing an additional 278 shares during the last quarter. Presima Securities ULC lifted its stake in shares of CubeSmart by 2.9% in the 3rd 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 period. Fifth Third Bancorp grew its holdings in CubeSmart by 14.7% during the second 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 period. Finally, Whittier Trust Co. grew its stake in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust's stock valued at $25,000 after buying an additional 323 shares during the last quarter. Institutional investors own 97.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Barclays decreased their price target on shares of CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. Scotiabank initiated coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They set a "sector outperform" rating and a $53.00 price target on the stock. Jefferies Financial Group raised their price target on shares of CubeSmart from $53.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Royal Bank of Canada cut their price objective on shares of CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, November 4th. Finally, Truist Financial lifted their target price on CubeSmart from $44.00 to $50.00 and gave the stock a "hold" rating in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $51.45.

CubeSmart Stock Performance

Shares of NYSE CUBE traded down $0.75 during midday trading on Tuesday, reaching $47.80. The company's stock had a trading volume of 1,764,989 shares, compared to its average volume of 1,364,189. The stock has a market capitalization of $10.81 billion, a P/E ratio of 27.36, a PEG ratio of 8.93 and a beta of 0.84. CubeSmart has a 12-month low of $35.69 and a 12-month high of $55.14. The firm has a 50 day moving average price of $50.94 and a 200-day moving average price of $47.41. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.03.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly 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 company had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same quarter in the previous year, the company posted $0.68 EPS. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

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.