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

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in CubeSmart (NYSE:CUBEFree Report) by 326.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,676,177 shares of the real estate investment trust’s stock after purchasing an additional 1,282,995 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.74% of CubeSmart worth $90,229,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Whittier Trust Co. raised its position in shares of CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 323 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 444 shares during the last quarter. Peterson Financial Group Inc. acquired a new position in shares of CubeSmart in the third quarter worth $33,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of CubeSmart in the second quarter valued at $33,000. Finally, Brooklyn Investment Group acquired a new stake in shares of CubeSmart during the third quarter valued at $59,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CubeSmart stock opened at $49.26 on Tuesday. The business’s fifty day moving average price is $49.79 and its 200 day moving average price is $48.12. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $11.14 billion, a P/E ratio of 27.83, a PEG ratio of 13.91 and a beta of 0.84.

CubeSmart (NYSE:CUBEGet Free Report) last released its quarterly earnings data 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). The firm had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 earnings per share. As a group, research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on CUBE. Barclays cut their target price on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Truist Financial upped their price objective 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. Royal Bank of Canada lowered their target price on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and boosted their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Scotiabank decreased their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $51.36.

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CubeSmart Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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