Raymond James Trust N.A. Reduces Stock Position in CubeSmart (NYSE:CUBE)

Raymond James Trust N.A. decreased its position in shares of CubeSmart (NYSE:CUBE) by 6.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,991 shares of the real estate investment trust’s stock after selling 355 shares during the quarter. Raymond James Trust N.A.’s holdings in CubeSmart were worth $269,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Tidal Investments LLC boosted its position in CubeSmart by 32.6% during the first quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock worth $4,040,000 after purchasing an additional 21,967 shares in the last quarter. Boston Trust Walden Corp grew its stake in CubeSmart by 2.7% in the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock valued at $39,947,000 after acquiring an additional 23,179 shares during the last quarter. PGGM Investments grew its stake in CubeSmart by 7.3% in the 2nd quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock valued at $39,242,000 after acquiring an additional 59,020 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in CubeSmart by 52.6% during the 2nd quarter. Gateway Investment Advisers LLC now owns 358,286 shares of the real estate investment trust’s stock valued at $16,184,000 after acquiring an additional 123,464 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of CubeSmart by 292.6% in the second quarter. Harbor Capital Advisors Inc. now owns 14,538 shares of the real estate investment trust’s stock valued at $657,000 after purchasing an additional 10,835 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE:CUBE opened at $50.14 on Thursday. The company has a market cap of $11.34 billion, a P/E ratio of 28.49, a P/E/G ratio of 14.00 and a beta of 0.84. The firm’s 50 day moving average is $50.04 and its two-hundred day moving average is $47.97. CubeSmart has a fifty-two week low of $38.34 and a fifty-two week high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last issued its earnings results 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 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 company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $0.68 earnings per share. Analysts expect that CubeSmart will post 2.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Scotiabank dropped 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. Jefferies Financial Group boosted their price target on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Truist Financial increased their price objective on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Wells Fargo & Company boosted their target price 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. Finally, Evercore ISI raised their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note 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 stock. According to MarketBeat.com, CubeSmart presently has an average rating of “Hold” and a consensus target price of $51.36.

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.