CubeSmart (NYSE:CUBE) Stake Lessened by MetLife Investment Management LLC

MetLife Investment Management LLC lessened its holdings in CubeSmart (NYSE:CUBE) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,202 shares of the real estate investment trust’s stock after selling 2,111 shares during the period. MetLife Investment Management LLC owned about 0.05% of CubeSmart worth $6,632,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CUBE. Boston Trust Walden Corp boosted its position in CubeSmart by 2.7% during the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock worth $39,947,000 after acquiring an additional 23,179 shares during the period. PGGM Investments lifted its position in shares of CubeSmart by 7.3% in the second quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock worth $39,242,000 after purchasing an additional 59,020 shares in the last quarter. Gateway Investment Advisers LLC boosted its holdings in shares of CubeSmart by 52.6% during the second quarter. Gateway Investment Advisers LLC now owns 358,286 shares of the real estate investment trust’s stock worth $16,184,000 after purchasing an additional 123,464 shares during the period. Harbor Capital Advisors Inc. grew its position in CubeSmart by 292.6% during the second quarter. Harbor Capital Advisors Inc. now owns 14,538 shares of the real estate investment trust’s stock valued at $657,000 after purchasing an additional 10,835 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in CubeSmart by 19.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 125,672 shares of the real estate investment trust’s stock valued at $5,593,000 after purchasing an additional 20,077 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Down 1.2 %

Shares of CubeSmart stock opened at $49.55 on Friday. CubeSmart has a 12-month low of $39.52 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 stock has a 50 day moving average price of $49.88 and a two-hundred day moving average price of $48.00. The stock has a market capitalization of $11.21 billion, a P/E ratio of 27.99, a PEG ratio of 14.08 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last posted 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 firm had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. CubeSmart’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 earnings per share. Equities analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their target price for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Royal Bank of Canada reduced their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Evercore ISI upped their target price on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Truist Financial lifted their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Jefferies Financial Group increased their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CubeSmart has a consensus rating of “Hold” and a consensus target price of $51.36.

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.