Fmr LLC Sells 1,465,577 Shares of CubeSmart (NYSE:CUBE)

Fmr LLC lowered its stake in CubeSmart (NYSE:CUBE) by 8.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,487,939 shares of the real estate investment trust’s stock after selling 1,465,577 shares during the period. Fmr LLC owned 7.29% of CubeSmart worth $887,546,000 at the end of the most recent quarter.

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

CubeSmart Stock Performance

CUBE opened at $50.14 on Thursday. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 28.33, a P/E/G ratio of 14.02 and a beta of 0.84. The business’s 50-day moving average price is $50.04 and its two-hundred day moving average price is $47.97. CubeSmart has a 1 year low of $38.34 and a 1 year high of $55.14. 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 (NYSE:CUBE) last announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. During the same period in the prior year, the business posted $0.68 EPS. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on CUBE shares. Scotiabank lowered their price target on 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 upped their target price on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company lifted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Royal Bank of Canada decreased their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Finally, UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average price target 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.