Sunbelt Securities Inc. Sells 1,818 Shares of CubeSmart (NYSE:CUBE)

Sunbelt Securities Inc. trimmed its position in shares of CubeSmart (NYSE:CUBE) by 70.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 767 shares of the real estate investment trust’s stock after selling 1,818 shares during the period. Sunbelt Securities Inc.’s holdings in CubeSmart were worth $41,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 purchasing an additional 1,282,995 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position 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 worth $273,986,000 after buying an additional 624,661 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its position in CubeSmart by 12.5% in 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. Sei Investments Co. lifted its holdings in shares of CubeSmart by 38.2% during the second quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock worth $34,427,000 after buying an additional 210,871 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of CubeSmart by 46.6% in the third 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. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Evercore ISI upped their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Royal Bank of Canada decreased 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. Barclays cut their price target 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, Jefferies Financial Group lifted their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $51.36.

CubeSmart Stock Performance

CubeSmart stock opened at $46.27 on Monday. The firm has a market capitalization of $10.46 billion, a P/E ratio of 26.14, a P/E/G ratio of 13.00 and a beta of 0.84. The stock has a fifty day moving average price of $48.67 and a two-hundred day moving average price of $48.46. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. 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 announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The firm 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 company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.68 EPS. As a group, analysts anticipate that CubeSmart will post 2.63 EPS for the current fiscal year.

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.