CIBC Asset Management Inc Acquires 233 Shares of CubeSmart (NYSE:CUBE)

CIBC Asset Management Inc lifted its holdings in shares of CubeSmart (NYSE:CUBE) by 3.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 6,642 shares of the real estate investment trust’s stock after purchasing an additional 233 shares during the period. CIBC Asset Management Inc’s holdings in CubeSmart were worth $358,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CUBE. Whittier Trust Co. increased its position in CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares in the last quarter. UMB Bank n.a. lifted its holdings in CubeSmart by 302.0% during the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in CubeSmart in the 2nd quarter valued at $33,000. Quarry LP increased its stake in shares of CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 757 shares during the period. Finally, Abich Financial Wealth Management LLC raised its position in shares of CubeSmart by 8,906.3% during the second quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust’s stock worth $65,000 after acquiring an additional 1,425 shares during the last quarter. 97.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barclays decreased their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Jefferies Financial Group lifted their price target on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wells Fargo & Company increased their price objective on shares of 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 reduced their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Finally, Scotiabank started coverage on CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $51.45.

CubeSmart Price Performance

NYSE:CUBE opened at $48.71 on Friday. 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 has a 12-month low of $38.29 and a 12-month high of $55.14. The stock’s 50 day moving average price is $50.32 and its two-hundred day moving average price is $47.73. The firm has a market capitalization of $11.02 billion, a price-to-earnings ratio of 27.52, a P/E/G ratio of 13.75 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last announced its 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 company had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 EPS. On average, analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

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.