Wolverine Asset Management LLC Sells 25,438 Shares of CubeSmart (NYSE:CUBE)

Wolverine Asset Management LLC decreased its stake in shares of CubeSmart (NYSE:CUBE) by 30.0% in the third quarter, Holdings Channel.com reports. The fund owned 59,263 shares of the real estate investment trust’s stock after selling 25,438 shares during the period. Wolverine Asset Management LLC’s holdings in CubeSmart were worth $3,190,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in CubeSmart by 0.9% in 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 acquiring an additional 274,493 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in CubeSmart by 26.9% in the first 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 last quarter. Allspring Global Investments Holdings LLC raised its stake in CubeSmart by 14.0% during the third 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in 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 valued at $152,652,000 after purchasing an additional 169,600 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of 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 in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Trading Down 0.7 %

NYSE CUBE opened at $48.55 on Tuesday. The stock has a market cap of $10.98 billion, a PE ratio of 27.43, a PEG ratio of 8.93 and a beta of 0.84. CubeSmart has a 12 month low of $35.69 and a 12 month high of $55.14. The company’s 50-day moving average price is $50.94 and its 200-day moving average price is $47.41. The company has a current ratio of 0.20, a quick ratio of 0.03 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 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. During the same quarter in the prior year, the company earned $0.68 earnings per share. CubeSmart’s revenue was up 1.1% on a year-over-year basis. Equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. UBS Group downgraded 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. Raymond James raised their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Barclays lowered their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Royal Bank of Canada cut their price objective 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. Finally, Jefferies Financial Group raised their target price on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $51.45.

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.