Virtus ETF Advisers LLC boosted its position in shares of CubeSmart (NYSE:CUBE) by 18.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,221 shares of the real estate investment trust’s stock after buying an additional 7,109 shares during the period. CubeSmart makes up about 0.8% of Virtus ETF Advisers LLC’s portfolio, making the stock its 7th biggest holding. Virtus ETF Advisers LLC’s holdings in CubeSmart were worth $1,493,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of CUBE. JPMorgan Chase & Co. raised its position in CubeSmart by 24.1% during the third quarter. JPMorgan Chase & Co. now owns 6,935,068 shares of the real estate investment trust’s stock valued at $224,140,000 after purchasing an additional 1,348,393 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of CubeSmart by 139.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,176,153 shares of the real estate investment trust’s stock valued at $31,745,000 after buying an additional 684,439 shares during the last quarter. Sei Investments Co. raised its stake in shares of CubeSmart by 386.6% during the 3rd quarter. Sei Investments Co. now owns 816,273 shares of the real estate investment trust’s stock valued at $26,373,000 after buying an additional 648,521 shares during the last quarter. Barclays PLC raised its stake in shares of CubeSmart by 215.3% during the 2nd quarter. Barclays PLC now owns 758,580 shares of the real estate investment trust’s stock valued at $20,474,000 after buying an additional 518,013 shares during the last quarter. Finally, Balyasny Asset Management LLC raised its stake in shares of CubeSmart by 132.1% during the 2nd quarter. Balyasny Asset Management LLC now owns 758,145 shares of the real estate investment trust’s stock valued at $20,462,000 after buying an additional 431,522 shares during the last quarter. Institutional investors and hedge funds own 88.54% of the company’s stock.
In other CubeSmart news, VP Jeffrey P. Foster sold 25,510 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $33.10, for a total value of $844,381.00. Following the sale, the vice president now owns 156,084 shares of the company’s stock, valued at $5,166,380.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.11% of the stock is owned by insiders.
Shares of CubeSmart stock traded up $0.31 on Monday, hitting $32.18. 2,247 shares of the company were exchanged, compared to its average volume of 1,529,406. The stock has a market capitalization of $6.38 billion, a price-to-earnings ratio of 37.06, a price-to-earnings-growth ratio of 7.77 and a beta of 0.31. The company has a 50-day moving average price of $33.78 and a 200 day moving average price of $30.43. CubeSmart has a 1-year low of $19.61 and a 1-year high of $35.77. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.13.
CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, November 5th. The real estate investment trust reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.17). The business had revenue of $172.50 million during the quarter, compared to analyst estimates of $166.66 million. CubeSmart had a net margin of 24.83% and a return on equity of 9.30%. The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.44 earnings per share. Research analysts forecast that CubeSmart will post 1.64 EPS for the current year.
A number of research firms have weighed in on CUBE. Stifel Nicolaus upgraded CubeSmart from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Monday, November 9th. Evercore ISI upgraded CubeSmart from an “in-line” rating to an “outperform” rating and set a $35.00 price target for the company in a research note on Monday, August 10th. Bank of America upgraded CubeSmart from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $29.00 to $32.00 in a research note on Wednesday, August 12th. Raymond James lowered CubeSmart from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 6th. Finally, Zacks Investment Research cut CubeSmart from a “buy” rating to a “hold” rating in a report on Thursday, October 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. CubeSmart has a consensus rating of “Hold” and a consensus target price of $32.73.
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 secure storage space for residential and commercial customers. According to the 2020 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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