Thrivent Financial for Lutherans Trims Stock Position in CubeSmart (NYSE:CUBE)

Thrivent Financial for Lutherans trimmed its stake in CubeSmart (NYSE:CUBE) by 24.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 52,906 shares of the real estate investment trust’s stock after selling 16,992 shares during the quarter. Thrivent Financial for Lutherans’ holdings in CubeSmart were worth $2,848,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Tidal Investments LLC boosted its position in shares of CubeSmart by 32.6% during the first quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock valued at $4,040,000 after purchasing an additional 21,967 shares in the last quarter. Invst LLC bought a new stake in shares of CubeSmart during the 1st quarter valued at $715,000. DekaBank Deutsche Girozentrale grew its position in shares of CubeSmart by 19.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 125,672 shares of the real estate investment trust’s stock worth $5,593,000 after buying an additional 20,077 shares during the period. GAMMA Investing LLC increased its stake in shares of CubeSmart by 141.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,556 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 912 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in CubeSmart by 292.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,538 shares of the real estate investment trust’s stock valued at $657,000 after acquiring an additional 10,835 shares during the period. Institutional investors own 97.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CUBE shares. Jefferies Financial Group upped their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and upped their price target for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Evercore ISI lifted their price objective on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. 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 research note on Monday, October 21st. Finally, Royal Bank of Canada reduced their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. One research 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’s stock. According to data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and a consensus target price of $51.36.

CubeSmart Price Performance

NYSE CUBE opened at $49.93 on Wednesday. CubeSmart has a one year low of $38.31 and a one year high of $55.14. The stock has a 50-day moving average of $50.12 and a 200 day moving average of $47.92. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The company has a market capitalization of $11.29 billion, a price-to-earnings ratio of 28.20, a PEG ratio of 13.73 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last released 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). The company had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, sell-side analysts forecast that CubeSmart will post 2.64 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.