Victory Capital Management Inc. Purchases 173,683 Shares of CubeSmart (NYSE:CUBE)

Victory Capital Management Inc. boosted its position in CubeSmart (NYSE:CUBE) by 46.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 546,274 shares of the real estate investment trust’s stock after acquiring an additional 173,683 shares during the period. Victory Capital Management Inc. owned 0.24% of CubeSmart worth $29,406,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CUBE. Whittier Trust Co. increased its position in shares of CubeSmart by 136.9% during 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 period. UMB Bank n.a. increased its position in shares of CubeSmart by 302.0% during 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 period. Ashton Thomas Private Wealth LLC bought a new stake in shares of CubeSmart during the second quarter valued at about $33,000. Quarry LP increased its position in shares of CubeSmart by 195.6% during the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 757 shares during the period. Finally, Abich Financial Wealth Management LLC increased its position in shares of CubeSmart by 8,906.3% during the second quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust’s stock valued at $65,000 after buying an additional 1,425 shares during the period. 97.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CUBE shares. Raymond James upped their price target on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group boosted their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Scotiabank initiated coverage on CubeSmart in a report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective for the company. Evercore ISI boosted their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $53.00 to $54.00 in a report on Friday, September 13th. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $51.45.

CubeSmart Stock Up 0.8 %

Shares of CUBE opened at $48.33 on Monday. The firm has a market cap of $10.93 billion, a P/E ratio of 27.31, a P/E/G ratio of 13.57 and a beta of 0.84. The stock has a 50 day simple moving average of $50.68 and a two-hundred day simple moving average of $47.62. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 1 year low of $38.29 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The firm had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 EPS. On average, analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart 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.