1834 Investment Advisors Co. Reduces Stock Holdings in CubeSmart (NYSE:CUBE)

1834 Investment Advisors Co. lowered its holdings in shares of CubeSmart (NYSE:CUBE) by 29.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 94,290 shares of the real estate investment trust’s stock after selling 39,486 shares during the quarter. 1834 Investment Advisors Co.’s holdings in CubeSmart were worth $5,076,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. QRG Capital Management Inc. boosted its position in shares of CubeSmart by 15.3% in the third quarter. QRG Capital Management Inc. now owns 9,456 shares of the real estate investment trust’s stock worth $509,000 after purchasing an additional 1,255 shares during the period. Van ECK Associates Corp grew its position in shares of CubeSmart by 12.3% during the third quarter. Van ECK Associates Corp now owns 94,950 shares of the real estate investment trust’s stock valued at $4,681,000 after purchasing an additional 10,363 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in CubeSmart by 127.1% during the third quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock valued at $1,777,000 after buying an additional 18,475 shares during the last quarter. Stephens Inc. AR purchased a new stake in CubeSmart during the third quarter valued at $226,000. Finally, Pinnacle Associates Ltd. grew its stake in shares of CubeSmart by 11.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 14,150 shares of the real estate investment trust’s stock worth $762,000 after buying an additional 1,494 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Barclays cut their price objective on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada decreased their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their target price for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Finally, Evercore ISI upped their target price on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $51.45.

CubeSmart Price Performance

NYSE CUBE opened at $49.09 on Wednesday. The firm’s fifty day simple moving average is $51.24 and its two-hundred day simple moving average is $47.24. The company has a current ratio of 0.20, a quick ratio of 0.03 and a debt-to-equity ratio of 1.02. CubeSmart has a 12-month low of $35.58 and a 12-month high of $55.14. The firm has a market capitalization of $11.10 billion, a P/E ratio of 27.73, a P/E/G ratio of 8.77 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last posted 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 company had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. During the same period in the prior year, the business posted $0.68 EPS. The company’s quarterly revenue was up 1.1% on a year-over-year basis. Analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

About CubeSmart

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.