Ontario Teachers Pension Plan Board Cuts Holdings in CubeSmart (NYSE:CUBE)

Ontario Teachers Pension Plan Board reduced its position in shares of CubeSmart (NYSE:CUBE) by 44.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,556 shares of the real estate investment trust’s stock after selling 27,891 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in CubeSmart were worth $1,860,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Whittier Trust Co. raised its position in CubeSmart by 136.9% during the second 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 period. UMB Bank n.a. increased its stake in shares of CubeSmart by 302.0% during the third 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 in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of CubeSmart during the 2nd quarter worth about $33,000. Peterson Financial Group Inc. purchased a new position in CubeSmart in the 3rd quarter valued at about $33,000. Finally, Quarry LP boosted its holdings in CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after buying an additional 757 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Price Performance

Shares of CUBE stock opened at $48.99 on Wednesday. The firm’s 50-day moving average is $50.52 and its two-hundred day moving average is $47.72. CubeSmart has a 12 month low of $38.29 and a 12 month 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. The company has a market capitalization of $11.08 billion, a PE ratio of 27.68, a price-to-earnings-growth ratio of 13.65 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). The firm had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 EPS. Analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on CUBE. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and increased their target price for the company from $53.00 to $54.00 in a report on Friday, September 13th. Wells Fargo & Company raised their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Royal Bank of Canada dropped their target price on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Scotiabank began coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price for the company. Finally, Raymond James boosted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $51.45.

CubeSmart 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.