Sterling Capital Management LLC Cuts Stock Position in CubeSmart $CUBE

Sterling Capital Management LLC lessened its stake in CubeSmart (NYSE:CUBE) by 42.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 945,579 shares of the real estate investment trust’s stock after selling 684,106 shares during the quarter. Sterling Capital Management LLC’s holdings in CubeSmart were worth $40,187,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. grew its position in shares of CubeSmart by 28.8% in the first quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust’s stock valued at $370,049,000 after purchasing an additional 1,937,055 shares during the period. Millennium Management LLC lifted its position in CubeSmart by 129.6% during the first quarter. Millennium Management LLC now owns 2,261,419 shares of the real estate investment trust’s stock worth $96,585,000 after buying an additional 1,276,340 shares in the last quarter. Nuveen LLC purchased a new position in shares of CubeSmart during the 1st quarter worth $53,980,000. JPMorgan Chase & Co. grew its holdings in shares of CubeSmart by 29.3% in the first quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust’s stock valued at $237,519,000 after purchasing an additional 1,261,746 shares during the period. Finally, Long Pond Capital LP purchased a new position in CubeSmart during the first quarter worth about $47,358,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Down 2.0%

Shares of CubeSmart stock opened at $36.97 on Friday. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.18. CubeSmart has a 52-week low of $34.24 and a 52-week high of $50.69. The company has a market capitalization of $8.43 billion, a P/E ratio of 22.55, a P/E/G ratio of 8.91 and a beta of 0.99. The company has a 50 day moving average of $40.45 and a 200 day moving average of $41.17.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.65. The business had revenue of $285.08 million for the quarter, compared to analyst estimates of $282.57 million. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The company’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $0.67 EPS. As a group, research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CUBE has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of CubeSmart in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Barclays decreased their target price on shares of CubeSmart from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Friday, August 8th. Royal Bank Of Canada dropped their price target on shares of CubeSmart from $47.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Evercore ISI reduced their price target on shares of CubeSmart from $49.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $45.94.

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.