Townsquare Capital LLC Makes New $327,000 Investment in CubeSmart (NYSE:CUBE)

Townsquare Capital LLC purchased a new position in shares of CubeSmart (NYSE:CUBE) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 6,076 shares of the real estate investment trust’s stock, valued at approximately $327,000.

Other institutional investors also recently modified their holdings of the company. CIBC Asset Management Inc raised its position in CubeSmart by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock valued at $358,000 after buying an additional 233 shares during the last quarter. Mirador Capital Partners LP increased its position in shares of CubeSmart by 1.6% during the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after purchasing an additional 248 shares during the last quarter. Presima Securities ULC increased its position in shares of CubeSmart by 2.9% during the 3rd quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock valued at $571,000 after purchasing an additional 300 shares during the last quarter. Fifth Third Bancorp increased its position in shares of CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock valued at $110,000 after purchasing an additional 311 shares during the last quarter. Finally, Whittier Trust Co. increased its position in shares of CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the company. Jefferies Financial Group raised their target price on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada cut their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and raised their target price for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Truist Financial raised their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, Barclays cut their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $51.36.

CubeSmart Price Performance

Shares of CUBE stock opened at $47.53 on Friday. The stock has a market cap of $10.75 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 13.57 and a beta of 0.84. The business’s fifty day moving average is $49.47 and its 200 day moving average is $48.19. CubeSmart has a twelve month low of $39.80 and a twelve month 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 quarterly 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). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. During the same period in the previous year, the company earned $0.68 earnings per share. CubeSmart’s revenue for the quarter was up 1.1% on a year-over-year basis. Research analysts expect that CubeSmart will post 2.64 EPS 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.