Brooklyn Investment Group Takes Position in CubeSmart (NYSE:CUBE)

Brooklyn Investment Group purchased a new position in CubeSmart (NYSE:CUBE) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,100 shares of the real estate investment trust’s stock, valued at approximately $59,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Whittier Trust Co. grew its position in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares during the last quarter. UMB Bank n.a. boosted its stake 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 worth $32,000 after purchasing an additional 444 shares during the period. Peterson Financial Group Inc. acquired a new position in CubeSmart in the 3rd quarter worth approximately $33,000. Ashton Thomas Private Wealth LLC acquired a new position in CubeSmart in the 2nd quarter worth approximately $33,000. Finally, Quarry LP boosted its stake in CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 757 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

NYSE:CUBE opened at $50.14 on Friday. CubeSmart has a 12-month low of $38.34 and a 12-month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $11.34 billion, a PE ratio of 28.33, a price-to-earnings-growth ratio of 14.08 and a beta of 0.84. The firm has a 50-day moving average price of $49.96 and a 200 day moving average price of $47.98.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. 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 research note on Monday, November 4th. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Scotiabank decreased their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday. Barclays lowered their price target on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Finally, Jefferies Financial Group boosted 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and a consensus price target of $51.36.

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.