CubeSmart (NYSE:CUBE) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its position in shares of CubeSmart (NYSE:CUBE) by 0.7% during the third quarter, Holdings Channel reports. The fund owned 601,363 shares of the real estate investment trust’s stock after selling 4,106 shares during the quarter. Retirement Systems of Alabama’s holdings in CubeSmart were worth $32,371,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CUBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of CubeSmart by 326.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock worth $90,229,000 after acquiring an additional 1,282,995 shares during the period. Allspring Global Investments Holdings LLC increased its position in 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 worth $273,986,000 after purchasing an additional 624,661 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares during the period. Sei Investments Co. boosted its holdings in shares of CubeSmart by 38.2% in 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 purchasing an additional 210,871 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of CubeSmart by 46.6% during the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after buying an additional 173,683 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE stock opened at $46.27 on Friday. The company’s fifty day moving average price is $48.67 and its two-hundred day moving average price is $48.35. 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 firm has a market capitalization of $10.46 billion, a P/E ratio of 26.14, a P/E/G ratio of 13.05 and a beta of 0.84. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14.

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Royal Bank of Canada cut their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company upped their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Scotiabank reduced their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Barclays decreased their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Finally, Truist Financial raised their price target on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.