CubeSmart $CUBE Holdings Cut by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lowered its position in CubeSmart (NYSE:CUBE) by 50.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 27,806 shares of the real estate investment trust’s stock after selling 27,800 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in CubeSmart were worth $1,045,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Essential Partners LLC raised its stake in CubeSmart by 594.7% in the first quarter. Essential Partners LLC now owns 910 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 779 shares in the last quarter. Parkside Financial Bank & Trust raised its position in CubeSmart by 143.2% during the second quarter. Parkside Financial Bank & Trust now owns 941 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 554 shares in the last quarter. Elevation Wealth Partners LLC increased its position in shares of CubeSmart by 38.1% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,417 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 391 shares during the last quarter. Ascentis Independent Advisors bought a new stake in CubeSmart in the 1st quarter worth approximately $60,000. Finally, Global Retirement Partners LLC bought a new position in CubeSmart during the second quarter valued at approximately $60,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CUBE. KeyCorp reaffirmed a “sector weight” rating on shares of CubeSmart in a research note on Tuesday, August 4th. Evercore set a $46.00 price objective on CubeSmart in a research note on Monday, September 21st. Raymond James Financial started coverage on shares of CubeSmart in a research note on Wednesday, July 15th. They issued an “outperform” rating and a $44.00 target price on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $47.00 price target on shares of CubeSmart in a report on Tuesday, August 4th. Finally, Barclays upgraded shares of CubeSmart from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $45.00 to $46.00 in a research report on Friday, July 10th. Five analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $43.27.

CubeSmart Stock Performance

Shares of CUBE opened at $45.38 on Friday. CubeSmart has a one year low of $35.09 and a one year high of $46.41. The company has a 50-day simple moving average of $39.49 and a two-hundred day simple moving average of $39.70. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.06 and a quick ratio of 0.07. The firm has a market capitalization of $10.14 billion, a PE ratio of 30.05, a price-to-earnings-growth ratio of 7.29 and a beta of 0.98.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.23). CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. The firm had revenue of $293.97 million during the quarter, compared to analysts’ expectations of $287.28 million. During the same period in the previous year, the company earned $0.65 earnings per share. CubeSmart’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, analysts anticipate that CubeSmart will post 2.59 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jeffrey Foster sold 22,776 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $43.72, for a total transaction of $995,766.72. Following the completion of the transaction, the insider owned 205,057 shares of the company’s stock, valued at $8,965,092.04. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.76% of the stock is owned by insiders.

About CubeSmart

CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. The company provides storage space for households, businesses and other customers through a portfolio serving metropolitan areas and communities across the country.

Its facilities offer a range of storage options, including traditional and climate-controlled units, as well as space for vehicles, boats and recreational vehicles at select locations.