Erste Asset Management GmbH Purchases Shares of 20,400 CubeSmart (NYSE:CUBE)

Erste Asset Management GmbH acquired a new position in shares of CubeSmart (NYSE:CUBE) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,400 shares of the real estate investment trust’s stock, valued at approximately $1,086,000.

A number of other large investors have also modified their holdings of CUBE. Allspring Global Investments Holdings LLC increased its holdings in 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 purchasing an additional 624,661 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of CubeSmart by 5.3% during the second 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CubeSmart by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock valued at $163,260,000 after purchasing an additional 135,211 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in CubeSmart by 12.5% during the 2nd 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 buying an additional 303,347 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in CubeSmart by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,491,552 shares of the real estate investment trust’s stock worth $112,543,000 after buying an additional 20,658 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Analyst Ratings Changes

CUBE has been the topic of several research analyst reports. Truist Financial raised their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Jefferies Financial Group upped their target price on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Barclays cut their price target on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Scotiabank decreased their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Finally, Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $51.36.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $48.34 on Wednesday. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The firm has a market capitalization of $10.93 billion, a price-to-earnings ratio of 27.31, a price-to-earnings-growth ratio of 13.82 and a beta of 0.84. The business’s 50 day simple moving average is $49.70 and its 200-day simple moving average is $48.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

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 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 firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the company posted $0.68 EPS. As a group, equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

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.