Edgestream Partners L.P. Purchases 69,408 Shares of CubeSmart (NYSE:CUBE)

Edgestream Partners L.P. increased its position in shares of CubeSmart (NYSE:CUBE) by 86.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,813 shares of the real estate investment trust’s stock after buying an additional 69,408 shares during the period. CubeSmart accounts for 0.4% of Edgestream Partners L.P.’s holdings, making the stock its 26th biggest holding. Edgestream Partners L.P.’s holdings in CubeSmart were worth $8,064,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC Asset Management Inc boosted its holdings in shares of CubeSmart by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock worth $358,000 after buying an additional 233 shares in the last quarter. Mirador Capital Partners LP lifted its position in shares of CubeSmart by 1.6% during the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares during the period. Captrust Financial Advisors boosted its stake in CubeSmart by 4.5% during the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after acquiring an additional 248 shares in the last quarter. Presima Securities ULC grew its holdings in CubeSmart by 2.9% in the third quarter. Presima Securities ULC now owns 10,600 shares of the real estate investment trust’s stock worth $571,000 after purchasing an additional 300 shares during the period. Finally, Fifth Third Bancorp increased its stake in CubeSmart by 14.7% in the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock valued at $110,000 after purchasing an additional 311 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analysts Set New Price Targets

CUBE has been the topic of a number of research analyst reports. Royal Bank of Canada cut their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Evercore ISI increased their price target on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Wells Fargo & Company raised their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Barclays cut their target price on 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 lifted their price target on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart currently has an average rating of “Hold” and a consensus target price of $51.36.

CubeSmart Stock Performance

NYSE CUBE opened at $49.55 on Friday. The company has a fifty day moving average price of $49.88 and a 200-day moving average price of $48.00. The firm has a market cap of $11.21 billion, a price-to-earnings ratio of 27.99, a PEG ratio of 14.08 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 1 year low of $39.52 and a 1 year high of $55.14.

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 analysts’ consensus estimates of $0.68 by ($0.24). The firm had revenue of $270.90 million during 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%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 earnings per share. As a group, equities research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

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.