13,492 CubeSmart $CUBE Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of CubeSmart (NYSE:CUBE) by 0.9% during the third quarter, HoldingsChannel reports. The fund owned 1,480,726 shares of the real estate investment trust’s stock after buying an additional 13,492 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in CubeSmart were worth $55,646,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Essential Partners LLC lifted its position in CubeSmart by 594.7% in the 1st quarter. Essential Partners LLC now owns 910 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 779 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in CubeSmart by 143.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 941 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 554 shares during the period. Elevation Wealth Partners LLC increased its holdings in CubeSmart by 38.1% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,417 shares of the real estate investment trust’s stock worth $56,000 after purchasing an additional 391 shares in the last quarter. Ascentis Independent Advisors bought a new position in CubeSmart during the 1st quarter worth about $60,000. Finally, Global Retirement Partners LLC bought a new position in CubeSmart during the 2nd quarter worth about $60,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of CubeSmart in a research note on Tuesday, October 13th. Evercore set a $46.00 price target on CubeSmart in a report on Monday, September 21st. Wells Fargo & Company upped their price objective on CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, July 24th. Raymond James Financial initiated coverage on CubeSmart in a report on Wednesday, July 15th. They set an “outperform” rating and a $44.00 price objective for the company. Finally, Barclays upgraded CubeSmart from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $45.00 to $46.00 in a report on Friday, July 10th. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, CubeSmart presently has a consensus rating of “Hold” and a consensus price target of $42.73.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $44.19 on Wednesday. The stock has a market capitalization of $9.87 billion, a price-to-earnings ratio of 29.26, a PEG ratio of 7.42 and a beta of 0.98. The business has a 50-day moving average of $39.29 and a 200-day moving average of $39.64. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.06 and a quick ratio of 0.07. CubeSmart has a fifty-two week low of $35.09 and a fifty-two week high of $44.54.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.23). CubeSmart had a net margin of 30.17% and a return on equity of 13.15%. The company had revenue of $293.97 million during the quarter, compared to analyst estimates of $287.28 million. During the same period in the prior year, the firm posted $0.65 EPS. CubeSmart’s revenue was up 3.1% compared to the same quarter last year. As a group, sell-side analysts predict that CubeSmart will post 2.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CubeSmart news, insider Jeffrey Foster sold 22,776 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $43.72, for a total value of $995,766.72. Following the completion of the transaction, the insider directly owned 205,057 shares in the company, valued at $8,965,092.04. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.76% of the stock is currently owned by corporate insiders.

CubeSmart Profile

CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. The company provides storage space for households, businesses and other customers through a portfolio serving metropolitan areas and communities across the country.

Its facilities offer a range of storage options, including traditional and climate-controlled units, as well as space for vehicles, boats and recreational vehicles at select locations.