Transcendent Capital Group LLC Makes New Investment in CubeSmart (NYSE:CUBE)

Transcendent Capital Group LLC purchased a new position in shares of CubeSmart (NYSE:CUBE) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 6,258 shares of the real estate investment trust’s stock, valued at approximately $337,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Carmel Capital Partners LLC lifted its holdings in CubeSmart by 4.3% in the third quarter. Carmel Capital Partners LLC now owns 9,611 shares of the real estate investment trust’s stock valued at $517,000 after acquiring an additional 395 shares during the last quarter. QRG Capital Management Inc. raised its position in CubeSmart by 15.3% in the third quarter. QRG Capital Management Inc. now owns 9,456 shares of the real estate investment trust’s stock valued at $509,000 after purchasing an additional 1,255 shares during the period. Van ECK Associates Corp lifted its stake in shares of CubeSmart by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 94,950 shares of the real estate investment trust’s stock valued at $4,681,000 after purchasing an additional 10,363 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of CubeSmart by 127.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock worth $1,777,000 after purchasing an additional 18,475 shares during the period. Finally, Stephens Inc. AR acquired a new stake in shares of CubeSmart during the 3rd quarter worth about $226,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CUBE. Wells Fargo & Company upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Truist Financial upped their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Scotiabank initiated coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective for the company. Jefferies Financial Group boosted their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Royal Bank of Canada lowered their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, CubeSmart presently has a consensus rating of “Hold” and a consensus price target of $51.45.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $48.88 on Friday. The stock’s 50-day moving average is $51.01 and its two-hundred day moving average is $47.33. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.03. The company has a market cap of $11.05 billion, a price-to-earnings ratio of 27.62, a price-to-earnings-growth ratio of 8.93 and a beta of 0.84. CubeSmart has a 1-year low of $35.69 and a 1-year high of $55.14.

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). 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 last year, the business earned $0.68 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. Analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal 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.