Amalgamated Bank Has $5.77 Million Stock Position in CubeSmart (NYSE:CUBE)

Amalgamated Bank cut its holdings in CubeSmart (NYSE:CUBE) by 5.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 107,266 shares of the real estate investment trust’s stock after selling 6,382 shares during the period. Amalgamated Bank’s holdings in CubeSmart were worth $5,774,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Mirador Capital Partners LP boosted its position in CubeSmart by 1.6% during the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after purchasing an additional 248 shares during the last quarter. Covestor Ltd boosted its holdings in shares of CubeSmart by 11.8% in the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 278 shares during the last quarter. Presima Securities ULC grew its stake in shares of CubeSmart by 2.9% in the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock valued at $571,000 after buying an additional 300 shares in the last quarter. Fifth Third Bancorp increased 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 worth $110,000 after buying an additional 311 shares during the last quarter. Finally, Whittier Trust Co. raised its position in CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 323 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 2.2 %

CUBE opened at $47.75 on Friday. The stock has a market capitalization of $10.80 billion, a price-to-earnings ratio of 26.98, a P/E/G ratio of 8.77 and a beta of 0.84. The company has a quick ratio of 0.03, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a twelve month low of $35.69 and a twelve month high of $55.14. The company has a 50-day simple moving average of $51.07 and a 200 day simple moving average of $47.24.

CubeSmart (NYSE:CUBE) last issued 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 return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. During the same period last year, the company posted $0.68 EPS. The business’s revenue was up 1.1% on a year-over-year basis. Analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CUBE. Wells Fargo & Company upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Raymond James raised their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday. Barclays cut their price target 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, Evercore ISI upped their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. 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. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $51.45.

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.