CubeSmart (NYSE:CUBE) Shares Sold by Covestor Ltd

Covestor Ltd lowered its stake in shares of CubeSmart (NYSE:CUBE) by 25.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,563 shares of the real estate investment trust’s stock after selling 529 shares during the quarter. Covestor Ltd’s holdings in CubeSmart were worth $85,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Mirador Capital Partners LP grew its holdings in 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 acquiring an additional 248 shares in the last quarter. Presima Securities ULC lifted its position in shares of CubeSmart by 2.9% during the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock worth $571,000 after purchasing an additional 300 shares during the last quarter. Fifth Third Bancorp grew its stake in CubeSmart by 14.7% in the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 311 shares in the last quarter. Whittier Trust Co. increased its holdings 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. Finally, Carmel Capital Partners LLC raised its stake in CubeSmart by 4.3% during the third quarter. Carmel Capital Partners LLC now owns 9,611 shares of the real estate investment trust’s stock valued at $517,000 after buying an additional 395 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $48.62 on Thursday. The firm’s 50 day moving average is $50.81 and its two-hundred day moving average is $47.47. The firm has a market capitalization of $11.00 billion, a P/E ratio of 27.47, a PEG ratio of 8.75 and a beta of 0.84. 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 has a 52 week low of $37.27 and a 52 week high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $0.68 earnings per share. Analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on CUBE. Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Scotiabank initiated coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target on the stock. Truist Financial boosted their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Finally, Barclays cut their target price on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price 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.