Sumitomo Mitsui Trust Group Inc. Sells 296,675 Shares of CubeSmart (NYSE:CUBE)

Sumitomo Mitsui Trust Group Inc. lessened its stake in CubeSmart (NYSE:CUBE) by 46.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 336,218 shares of the real estate investment trust’s stock after selling 296,675 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in CubeSmart were worth $18,099,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in shares of CubeSmart by 1,575.2% during the first quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock worth $82,277,000 after buying an additional 1,711,762 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in CubeSmart by 26.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock worth $257,191,000 after purchasing an additional 1,205,097 shares during the period. Allspring Global Investments Holdings LLC boosted its stake 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 purchasing an additional 624,661 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake 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 purchasing an additional 303,347 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of CubeSmart by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after buying an additional 274,493 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CUBE shares. Jefferies Financial Group increased their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Wells Fargo & Company increased 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 increased their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Royal Bank of Canada reduced their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $51.45.

CubeSmart Stock Up 0.8 %

Shares of NYSE CUBE opened at $48.33 on Monday. The stock has a market capitalization of $10.93 billion, a P/E ratio of 27.31, a P/E/G ratio of 13.57 and a beta of 0.84. The company has a 50-day moving average price of $50.68 and a 200-day moving average price of $47.62. CubeSmart has a 1 year low of $38.29 and a 1 year 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 released its quarterly 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 firm had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. During the same quarter last year, the firm posted $0.68 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities research analysts forecast that CubeSmart will post 2.64 EPS 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.