Advisors Asset Management Inc. Boosts Stake in CubeSmart (NYSE:CUBE)

Advisors Asset Management Inc. boosted its position in shares of CubeSmart (NYSE:CUBE) by 11.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,010 shares of the real estate investment trust’s stock after buying an additional 529 shares during the period. Advisors Asset Management Inc.’s holdings in CubeSmart were worth $270,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. CIBC Asset Management Inc increased its holdings in shares of 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 worth $358,000 after buying an additional 233 shares during the last quarter. Mirador Capital Partners LP increased its stake in CubeSmart by 1.6% during the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock worth $855,000 after acquiring an additional 248 shares during the last quarter. Presima Securities ULC raised its position in CubeSmart by 2.9% during the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock valued at $571,000 after purchasing an additional 300 shares during the period. Fifth Third Bancorp lifted its stake 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 valued at $110,000 after purchasing an additional 311 shares during the last quarter. Finally, Whittier Trust Co. lifted its stake in shares of CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CUBE stock opened at $50.14 on Friday. The company has a market capitalization of $11.34 billion, a P/E ratio of 28.33, a P/E/G ratio of 14.02 and a beta of 0.84. The company’s 50-day simple moving average is $49.96 and its two-hundred day simple moving average is $47.98. CubeSmart has a one year low of $38.34 and a one 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 announced its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) 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 the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $0.68 EPS. As a group, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Royal Bank of Canada decreased their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Evercore ISI increased their target price on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Wells Fargo & Company lifted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. 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 report on Monday, October 28th. Finally, 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. One equities research 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’s stock. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and an average price target of $51.36.

About CubeSmart

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.