Advisors Asset Management Inc. Raises Holdings in CubeSmart (NYSE:CUBE)

Advisors Asset Management Inc. boosted its stake in shares of CubeSmart (NYSE:CUBE) by 11.8% in the third quarter, Holdings Channel reports. The institutional investor owned 5,010 shares of the real estate investment trust’s stock after acquiring an additional 529 shares during the period. Advisors Asset Management Inc.’s holdings in CubeSmart were worth $270,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in shares of CubeSmart by 14.0% during 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 buying an additional 624,661 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after acquiring an additional 169,600 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after acquiring an additional 303,347 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in CubeSmart by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 2,491,552 shares of the real estate investment trust’s stock valued at $112,543,000 after acquiring an additional 20,658 shares in the last quarter. Finally, Boston Trust Walden Corp grew its holdings in CubeSmart by 2.7% in the second quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock worth $39,947,000 after purchasing an additional 23,179 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on CUBE shares. Truist Financial increased their price objective on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Wells Fargo & Company increased their price target on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Jefferies Financial Group boosted their price target on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Evercore ISI increased their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Finally, Scotiabank lowered their target price 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart has an average rating of “Hold” and an average price target of $51.36.

CubeSmart Stock Performance

CUBE opened at $50.14 on Friday. 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 12-month low of $38.34 and a 12-month high of $55.14. The firm has a 50 day moving average of $49.96 and a two-hundred day moving average of $47.98. The firm has a market capitalization of $11.34 billion, a PE ratio of 28.33, a P/E/G ratio of 14.02 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 analysts’ consensus estimates of $0.68 by ($0.24). The business had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.68 EPS. On average, analysts anticipate 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.