CubeSmart (NYSE:CUBE) Stake Cut by State Street Corp

State Street Corp cut its position in shares of CubeSmart (NYSE:CUBE) by 0.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,211,266 shares of the real estate investment trust’s stock after selling 91,942 shares during the quarter. State Street Corp owned 4.96% of CubeSmart worth $603,502,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. lifted its stake in CubeSmart by 136.9% in 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. UMB Bank n.a. lifted its stake in 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. Peterson Financial Group Inc. bought a new stake in CubeSmart in the third quarter valued at $33,000. Ashton Thomas Private Wealth LLC bought a new stake in CubeSmart in the second quarter valued at $33,000. Finally, Brooklyn Investment Group bought a new stake in CubeSmart in the third quarter valued at $59,000. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Price Performance

NYSE:CUBE opened at $47.48 on Monday. The business’s 50-day moving average price is $49.25 and its 200 day moving average price is $48.28. The firm has a market cap of $10.74 billion, a P/E ratio of 26.83, a PEG ratio of 13.34 and a beta of 0.84. CubeSmart has a 52-week low of $39.80 and a 52-week 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.

CubeSmart (NYSE:CUBE) last released 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 net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. During the same quarter last year, the business earned $0.68 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CUBE. Jefferies Financial Group raised their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada lowered their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and raised their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Truist Financial raised their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Scotiabank lowered their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. One equities 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 stock. Based on data from MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and a consensus price target of $51.36.

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.