CubeSmart (NYSE:CUBE) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC grew its position in shares of CubeSmart (NYSE:CUBE) by 1.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,593,010 shares of the real estate investment trust’s stock after purchasing an additional 50,340 shares during the quarter. Geode Capital Management LLC’s holdings in CubeSmart were worth $247,295,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Whittier Trust Co. boosted its stake in CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the period. UMB Bank n.a. raised its holdings 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 valued at $32,000 after buying an additional 444 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of CubeSmart during the second quarter worth approximately $33,000. Peterson Financial Group Inc. acquired a new position in shares of CubeSmart during the third quarter worth approximately $33,000. Finally, Quarry LP grew 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 in the last quarter. Institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CUBE shares. Barclays reduced 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. Evercore ISI increased their target price on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Scotiabank dropped their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Royal Bank of Canada dropped their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $51.36.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $46.27 on Friday. The company has a market capitalization of $10.46 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 13.00 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a fifty day moving average of $48.67 and a 200-day moving average of $48.40. CubeSmart has a one year low of $39.80 and a one year high of $55.14.

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). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same period last year, the firm earned $0.68 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts anticipate that CubeSmart will post 2.63 EPS for the current fiscal year.

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.