Harvest Fund Management Co. Ltd Buys 2,703 Shares of CubeSmart (NYSE:CUBE)

Harvest Fund Management Co. Ltd boosted its stake in shares of CubeSmart (NYSE:CUBE) by 183.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,173 shares of the real estate investment trust’s stock after buying an additional 2,703 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in CubeSmart were worth $225,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CUBE. Whittier Trust Co. boosted its holdings in shares of CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the period. UMB Bank n.a. raised its position 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 valued at $32,000 after purchasing an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of CubeSmart in the 2nd quarter worth $33,000. Peterson Financial Group Inc. bought a new position in shares of CubeSmart during the 3rd quarter worth $33,000. Finally, Quarry LP increased its stake 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 buying an additional 757 shares during the period. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Price Performance

CubeSmart stock opened at $49.93 on Wednesday. The business has a fifty day moving average of $50.12 and a two-hundred day moving average of $47.92. CubeSmart has a one year low of $38.31 and a one year high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The company has a market cap of $11.29 billion, a P/E ratio of 28.21, a price-to-earnings-growth ratio of 14.00 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.68 earnings per share. As a group, analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CUBE shares. Wells Fargo & Company upped their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Barclays cut 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. Evercore ISI upped their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Truist Financial lifted their target price on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, Scotiabank cut their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart presently has an average rating of “Hold” and an average price target of $51.36.

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.