Harvest Fund Management Co. Ltd Raises Position in CubeSmart (NYSE:CUBE)

Harvest Fund Management Co. Ltd lifted its stake in shares of CubeSmart (NYSE:CUBE) by 183.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,173 shares of the real estate investment trust’s stock after buying an additional 2,703 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in CubeSmart were worth $225,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CUBE. CIBC Asset Management Inc raised its stake in shares of 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 purchasing an additional 233 shares in the last quarter. Mirador Capital Partners LP raised 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 acquiring an additional 248 shares in the last quarter. Presima Securities ULC lifted its stake in CubeSmart by 2.9% during the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock worth $571,000 after purchasing an additional 300 shares during the last quarter. Fifth Third Bancorp boosted its holdings in CubeSmart by 14.7% in the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 311 shares during the period. Finally, Whittier Trust Co. increased its stake in CubeSmart by 136.9% during the second 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.

CubeSmart Stock Performance

CUBE stock opened at $49.93 on Wednesday. The stock has a market capitalization of $11.29 billion, a PE ratio of 28.21, a price-to-earnings-growth ratio of 14.00 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company has a 50 day moving average price of $50.12 and a 200 day moving average price of $47.92. CubeSmart has a fifty-two week low of $38.31 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE) last issued 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). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. During the same quarter in the prior year, the firm posted $0.68 earnings per share. CubeSmart’s revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts forecast that CubeSmart will post 2.64 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada dropped their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Jefferies Financial Group boosted their price objective on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Truist Financial raised their target price on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Evercore ISI lifted their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and a consensus target price of $51.36.

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.