Victory Capital Management Inc. Grows Position in CubeSmart (NYSE:CUBE)

Victory Capital Management Inc. grew its stake in shares of CubeSmart (NYSE:CUBE) by 46.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 546,274 shares of the real estate investment trust’s stock after purchasing an additional 173,683 shares during the quarter. Victory Capital Management Inc.’s holdings in CubeSmart were worth $29,406,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Whittier Trust Co. raised its holdings 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 valued at $25,000 after acquiring an additional 323 shares in the last quarter. 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 acquiring an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of CubeSmart during the second quarter valued at approximately $33,000. Quarry LP raised its holdings 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 valued at $52,000 after acquiring an additional 757 shares in the last quarter. Finally, Abich Financial Wealth Management LLC raised its holdings 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 valued at $65,000 after acquiring an additional 1,425 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Trading Up 0.8 %

NYSE CUBE opened at $48.33 on Monday. CubeSmart has a 12 month low of $38.29 and a 12 month high of $55.14. The stock has a market cap of $10.93 billion, a P/E ratio of 27.31, a P/E/G ratio of 13.57 and a beta of 0.84. The stock’s fifty day moving average price is $50.68 and its 200-day moving average price is $47.62. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data 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). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. During the same period last year, the business earned $0.68 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CUBE. Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Truist Financial increased their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Evercore ISI increased their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Scotiabank started coverage on CubeSmart in a report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $51.45.

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.