Brooklyn Investment Group Buys New Shares in CubeSmart (NYSE:CUBE)

Brooklyn Investment Group acquired a new stake in CubeSmart (NYSE:CUBE) in the third quarter, HoldingsChannel reports. The fund acquired 1,100 shares of the real estate investment trust’s stock, valued at approximately $59,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of CUBE. Prospector Partners LLC grew its stake in shares of CubeSmart by 0.6% in the third quarter. Prospector Partners LLC now owns 97,106 shares of the real estate investment trust’s stock valued at $5,227,000 after acquiring an additional 591 shares in the last quarter. D.A. Davidson & CO. increased its stake in CubeSmart by 14.2% during the 3rd quarter. D.A. Davidson & CO. now owns 12,581 shares of the real estate investment trust’s stock worth $677,000 after acquiring an additional 1,561 shares during the period. Loomis Sayles & Co. L P boosted its holdings in shares of CubeSmart by 3,130.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,163 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 1,127 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in shares of CubeSmart by 183.9% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 4,173 shares of the real estate investment trust’s stock valued at $225,000 after purchasing an additional 2,703 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of CubeSmart by 6.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 75,135 shares of the real estate investment trust’s stock valued at $4,045,000 after purchasing an additional 4,853 shares in the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Up 0.4 %

CUBE opened at $50.14 on Friday. The stock has a market cap of $11.34 billion, a PE ratio of 28.33, a P/E/G ratio of 14.08 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. CubeSmart has a 52 week low of $38.34 and a 52 week high of $55.14. The business’s fifty day simple moving average is $49.96 and its 200 day simple moving average is $47.98.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The firm had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.68 earnings per share. As a group, research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Evercore ISI raised their price objective on 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 lifted their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Truist Financial boosted their target price on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and boosted their target price for the company from $53.00 to $54.00 in a research report on Friday, September 13th. Finally, Royal Bank of Canada decreased their target price 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 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 stock. According to data from MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and a consensus target price 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.