Anchor Investment Management LLC Buys Shares of 1,462 CubeSmart (NYSE:CUBE)

Anchor Investment Management LLC bought a new stake in shares of CubeSmart (NYSE:CUBE) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,462 shares of the real estate investment trust’s stock, valued at approximately $79,000.

A number of other hedge funds have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in CubeSmart by 14.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after acquiring an additional 624,661 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of CubeSmart by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after purchasing an additional 50,340 shares in the last quarter. Dimensional Fund Advisors LP lifted its position 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 worth $152,652,000 after purchasing an additional 169,600 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in CubeSmart by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after purchasing an additional 135,211 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in CubeSmart by 12.5% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after buying an additional 303,347 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CUBE. Wells Fargo & Company increased 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. Barclays decreased their price objective 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. Royal Bank of Canada lowered their target price on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Scotiabank reduced their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Finally, UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $53.00 to $54.00 in a research report on Friday, September 13th. 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 company. According to data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average target price of $51.36.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $46.27 on Friday. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The company has a market cap of $10.46 billion, a PE ratio of 26.14, a P/E/G ratio of 13.00 and a beta of 0.84. The stock has a 50 day simple moving average of $48.67 and a 200-day simple moving average of $48.40. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last announced 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). The business had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 EPS. On average, equities research analysts forecast that CubeSmart will post 2.63 EPS 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.