Holocene Advisors LP Cuts Stock Holdings in CubeSmart (NYSE:CUBE)

Holocene Advisors LP lowered its stake in CubeSmart (NYSE:CUBE) by 22.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 92,746 shares of the real estate investment trust’s stock after selling 26,097 shares during the period. Holocene Advisors LP’s holdings in CubeSmart were worth $4,993,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Whittier Trust Co. grew its position in 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 acquiring an additional 323 shares during the last quarter. UMB Bank n.a. increased its stake in CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 444 shares during the period. Peterson Financial Group Inc. purchased a new position in CubeSmart in the 3rd quarter worth approximately $33,000. Ashton Thomas Private Wealth LLC purchased a new position in CubeSmart in the 2nd quarter worth approximately $33,000. Finally, Brooklyn Investment Group purchased a new position in CubeSmart in the 3rd quarter worth approximately $59,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

CUBE opened at $47.96 on Thursday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The stock has a market capitalization of $10.85 billion, a PE ratio of 27.09, a price-to-earnings-growth ratio of 13.82 and a beta of 0.84. The stock’s 50 day moving average price is $49.58 and its 200-day moving average price is $48.19.

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 net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities research analysts predict that CubeSmart will post 2.64 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Evercore ISI lifted their price target on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. 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 research note on Monday, November 4th. Wells Fargo & Company lifted their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Finally, Barclays reduced their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average 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.