CubeSmart (NYSE:CUBE) Shares Acquired by BNP Paribas Financial Markets

BNP Paribas Financial Markets lifted its stake in CubeSmart (NYSE:CUBE) by 32.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 158,472 shares of the real estate investment trust’s stock after acquiring an additional 39,270 shares during the quarter. BNP Paribas Financial Markets’ holdings in CubeSmart were worth $8,531,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CUBE. Brooklyn Investment Group purchased a new position in shares of CubeSmart during the third quarter worth $59,000. Prospector Partners LLC increased its stake in CubeSmart by 0.6% during the third quarter. Prospector Partners LLC now owns 97,106 shares of the real estate investment trust’s stock worth $5,227,000 after purchasing an additional 591 shares during the period. D.A. Davidson & CO. boosted its stake in shares of CubeSmart by 14.2% in the third quarter. D.A. Davidson & CO. now owns 12,581 shares of the real estate investment trust’s stock valued at $677,000 after purchasing an additional 1,561 shares during the period. Loomis Sayles & Co. L P grew its holdings in shares of CubeSmart by 3,130.6% in the third quarter. Loomis Sayles & Co. L P now owns 1,163 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd increased its stake in CubeSmart by 183.9% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 4,173 shares of the real estate investment trust’s stock worth $225,000 after buying an additional 2,703 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CUBE. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Wells Fargo & Company boosted their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Scotiabank decreased their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Finally, Royal Bank of Canada dropped their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research 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. According to MarketBeat, CubeSmart currently has an average rating of “Hold” and a consensus target price of $51.36.

CubeSmart Stock Down 0.6 %

Shares of NYSE CUBE opened at $49.26 on Tuesday. The stock has a market cap of $11.14 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 13.91 and a beta of 0.84. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The business has a 50-day moving average price of $49.79 and a 200 day moving average price of $48.12. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

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 business had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. During the same quarter last year, the business posted $0.68 earnings per share. The business’s revenue was up 1.1% on a year-over-year basis. Equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current 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.