Magnetar Financial LLC Invests $3.67 Million in CubeSmart $CUBE

Magnetar Financial LLC bought a new stake in shares of CubeSmart (NYSE:CUBE) during the second quarter, Holdings Channel.com reports. The fund bought 86,313 shares of the real estate investment trust’s stock, valued at approximately $3,668,000.

A number of other large investors also recently bought and sold shares of the business. Securian Asset Management Inc. increased its position in shares of CubeSmart by 1.5% in the second quarter. Securian Asset Management Inc. now owns 17,360 shares of the real estate investment trust’s stock valued at $738,000 after buying an additional 264 shares in the last quarter. Cetera Investment Advisers grew its stake in CubeSmart by 1.6% in the 2nd quarter. Cetera Investment Advisers now owns 17,212 shares of the real estate investment trust’s stock valued at $731,000 after acquiring an additional 265 shares during the period. Moran Wealth Management LLC increased its holdings in CubeSmart by 0.9% in the 2nd quarter. Moran Wealth Management LLC now owns 31,522 shares of the real estate investment trust’s stock worth $1,340,000 after acquiring an additional 270 shares in the last quarter. Covestor Ltd raised its position in CubeSmart by 22.8% during the first quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust’s stock worth $67,000 after acquiring an additional 292 shares during the period. Finally, UniSuper Management Pty Ltd raised its position in CubeSmart by 0.5% during the first quarter. UniSuper Management Pty Ltd now owns 63,200 shares of the real estate investment trust’s stock worth $2,699,000 after acquiring an additional 300 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CUBE. Deutsche Bank Aktiengesellschaft set a $45.00 target price on shares of CubeSmart and gave the stock a “buy” rating in a research note on Monday, October 13th. KeyCorp reiterated a “sector weight” rating on shares of CubeSmart in a report on Monday, November 10th. Evercore ISI reduced their target price on CubeSmart from $49.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, November 3rd. UBS Group lowered their price target on CubeSmart from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 16th. Finally, Barclays reduced their price objective on CubeSmart from $48.00 to $45.00 and set an “equal weight” rating for the company in a research note on Friday, August 8th. Seven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.94.

CubeSmart Trading Up 1.7%

CUBE opened at $36.24 on Friday. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 22.10, a price-to-earnings-growth ratio of 8.91 and a beta of 0.99. The company’s 50 day simple moving average is $39.47 and its two-hundred day simple moving average is $40.88. CubeSmart has a 1-year low of $34.24 and a 1-year high of $50.69. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06.

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

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.