Fmr LLC Has $887.55 Million Stock Position in CubeSmart (NYSE:CUBE)

Fmr LLC cut its stake in shares of CubeSmart (NYSE:CUBE) by 8.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,487,939 shares of the real estate investment trust’s stock after selling 1,465,577 shares during the quarter. Fmr LLC owned 0.07% of CubeSmart worth $887,546,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after buying an additional 624,661 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in CubeSmart by 12.5% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after acquiring an additional 303,347 shares during the last quarter. Sei Investments Co. grew its position 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 acquiring an additional 210,871 shares during the period. Victory Capital Management Inc. grew its position in shares of CubeSmart by 46.6% in 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 acquiring an additional 173,683 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of CubeSmart by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock worth $152,652,000 after purchasing an additional 169,600 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Performance

Shares of CUBE stock opened at $50.14 on Thursday. The business’s 50-day moving average price is $50.04 and its 200-day moving average price is $47.97. CubeSmart has a 12 month low of $38.34 and a 12 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 firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 14.02 and a beta of 0.84.

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

Wall Street Analysts Forecast Growth

CUBE has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Evercore ISI raised their price objective on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Scotiabank decreased their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and raised their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Barclays decreased their price objective on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on 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.