Prospector Partners LLC Raises Stock Position in CubeSmart (NYSE:CUBE)

Prospector Partners LLC grew its position in CubeSmart (NYSE:CUBE) by 0.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 97,106 shares of the real estate investment trust’s stock after purchasing an additional 591 shares during the period. Prospector Partners LLC’s holdings in CubeSmart were worth $5,227,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CUBE. CIBC Asset Management Inc raised its holdings in CubeSmart by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock valued at $358,000 after buying an additional 233 shares during the period. Mirador Capital Partners LP raised its stake in shares of CubeSmart by 1.6% in the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares during the period. Presima Securities ULC raised its stake in shares of CubeSmart by 2.9% in the 3rd quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock valued at $571,000 after acquiring an additional 300 shares during the period. Fifth Third Bancorp lifted its holdings in shares of CubeSmart by 14.7% in the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 311 shares during the last quarter. Finally, Whittier Trust Co. boosted 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 period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Up 2.0 %

Shares of NYSE:CUBE opened at $49.87 on Tuesday. CubeSmart has a fifty-two week low of $38.31 and a fifty-two week high of $55.14. The firm’s 50 day moving average price is $50.12 and its 200 day moving average price is $47.92. The stock has a market cap of $11.28 billion, a price-to-earnings ratio of 28.18, a price-to-earnings-growth ratio of 13.73 and a beta of 0.84. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last issued 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). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same period last year, the business posted $0.68 EPS. CubeSmart’s revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wells Fargo & Company boosted their target price on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Evercore ISI increased their target price on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Scotiabank lowered their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday. 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. Finally, Truist Financial raised 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. One research 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. According to MarketBeat.com, the stock 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.