Van ECK Associates Corp Grows Stock Position in CubeSmart (NYSE:CUBE)

Van ECK Associates Corp boosted its position in shares of CubeSmart (NYSE:CUBE) by 12.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,950 shares of the real estate investment trust’s stock after buying an additional 10,363 shares during the quarter. Van ECK Associates Corp’s holdings in CubeSmart were worth $4,681,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Whittier Trust Co. lifted its position in shares of 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 purchasing an additional 323 shares during the last quarter. UMB Bank n.a. boosted its position in CubeSmart by 302.0% in the 3rd 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 period. Ashton Thomas Private Wealth LLC bought a new position in CubeSmart in the 2nd quarter worth about $33,000. Quarry LP increased its position in shares of CubeSmart by 195.6% during the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 757 shares during the period. Finally, Abich Financial Wealth Management LLC increased 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 period. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Up 2.4 %

Shares of CubeSmart stock opened at $48.88 on Friday. CubeSmart has a 52-week low of $35.69 and a 52-week high of $55.14. The firm’s 50 day moving average price is $51.01 and its 200-day moving average price is $47.29. The company has a quick ratio of 0.03, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market cap of $11.05 billion, a P/E ratio of 27.62, a PEG ratio of 8.53 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last issued its quarterly 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 analyst estimates of $267.49 million. During the same period in the previous year, the company posted $0.68 earnings per share. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Jefferies Financial Group increased their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Scotiabank began coverage on CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price target on the stock. Truist Financial upped their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Raymond James raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Evercore ISI upped their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, CubeSmart has a consensus 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.