MQS Management LLC Grows Stock Position in CubeSmart (NYSE:CUBE)

MQS Management LLC lifted its position in CubeSmart (NYSE:CUBE) by 16.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,016 shares of the real estate investment trust’s stock after acquiring an additional 2,365 shares during the period. CubeSmart accounts for 0.5% of MQS Management LLC’s holdings, making the stock its 21st largest position. MQS Management LLC’s holdings in CubeSmart were worth $916,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CUBE. Envestnet Portfolio Solutions Inc. raised its holdings in CubeSmart by 19.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,466 shares of the real estate investment trust’s stock valued at $745,000 after acquiring an additional 2,737 shares during the last quarter. QRG Capital Management Inc. lifted its position in CubeSmart by 12.8% during the first quarter. QRG Capital Management Inc. now owns 7,632 shares of the real estate investment trust’s stock worth $345,000 after buying an additional 865 shares in the last quarter. Entropy Technologies LP boosted its stake in CubeSmart by 202.3% during the first quarter. Entropy Technologies LP now owns 33,107 shares of the real estate investment trust’s stock worth $1,497,000 after buying an additional 22,154 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in CubeSmart by 2.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 199,185 shares of the real estate investment trust’s stock valued at $9,206,000 after buying an additional 4,555 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of CubeSmart by 2.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 137,818 shares of the real estate investment trust’s stock worth $6,232,000 after acquiring an additional 3,276 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Down 1.5 %

Shares of NYSE:CUBE opened at $47.80 on Wednesday. The firm has a 50 day simple moving average of $50.87 and a 200-day simple moving average of $47.46. CubeSmart has a twelve month low of $35.69 and a twelve month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $10.81 billion, a PE ratio of 27.01, a P/E/G ratio of 8.87 and a beta of 0.84.

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 during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. 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 earnings per share. On average, equities analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CUBE has been the subject of several analyst reports. Scotiabank assumed coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. Barclays reduced their price objective 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. Truist Financial lifted their price target on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Royal Bank of Canada decreased their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Finally, Jefferies Financial Group boosted their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research 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 data from MarketBeat, CubeSmart currently has an average rating of “Hold” and an average 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.