Penserra Capital Management LLC Decreases Holdings in CubeSmart (NYSE:CUBE)

Penserra Capital Management LLC reduced its stake in CubeSmart (NYSE:CUBE) by 2.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 14,441 shares of the real estate investment trust’s stock after selling 380 shares during the period. Penserra Capital Management LLC’s holdings in CubeSmart were worth $777,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its stake 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 during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of CubeSmart by 12.5% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares during the period. Sei Investments Co. lifted its stake in CubeSmart by 38.2% in the second quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock valued at $34,427,000 after purchasing an additional 210,871 shares during the last quarter. Victory Capital Management Inc. grew its holdings in CubeSmart by 46.6% during the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after purchasing an additional 173,683 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in CubeSmart by 5.3% in 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 buying an additional 169,600 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

CUBE has been the topic of a number of recent research reports. Barclays dropped their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada reduced 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. Wells Fargo & Company upped their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Scotiabank reduced their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday. Finally, Evercore ISI increased their target price on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $51.36.

CubeSmart Stock Up 0.4 %

Shares of NYSE CUBE opened at $50.14 on Thursday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The business has a 50-day moving average of $50.04 and a 200-day moving average of $47.97. The firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 14.00 and a beta of 0.84. CubeSmart has a 12 month low of $38.34 and a 12 month high of $55.14.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $267.49 million. During the same quarter last year, the business posted $0.68 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal 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.