UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Raises Position in CubeSmart (NYSE:CUBE)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of CubeSmart (NYSE:CUBE) by 326.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,676,177 shares of the real estate investment trust’s stock after acquiring an additional 1,282,995 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in CubeSmart were worth $90,229,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its stake 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 acquiring an additional 624,661 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in CubeSmart by 12.5% during the 2nd 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 purchasing an additional 303,347 shares in the last quarter. Sei Investments Co. grew its position in shares of CubeSmart by 38.2% during the 2nd quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock valued at $34,427,000 after buying an additional 210,871 shares during the last quarter. Victory Capital Management Inc. raised its stake in CubeSmart by 46.6% during the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock worth $29,406,000 after acquiring an additional 173,683 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in CubeSmart by 5.3% in 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 period. 97.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on CUBE shares. Wells Fargo & Company increased their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Barclays dropped their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Evercore ISI boosted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Jefferies Financial Group increased 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. Finally, UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $53.00 to $54.00 in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $51.36.

CubeSmart Stock Performance

Shares of CUBE opened at $49.26 on Tuesday. The firm has a market capitalization of $11.14 billion, a PE ratio of 27.83, a P/E/G ratio of 13.91 and a beta of 0.84. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average price of $49.79 and a 200 day moving average price of $48.12. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business earned $0.68 earnings per share. On average, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Company 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.