CubeSmart $CUBE Stock Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. lifted its stake in shares of CubeSmart (NYSE:CUBE) by 89.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,668,879 shares of the real estate investment trust’s stock after buying an additional 786,046 shares during the quarter. Russell Investments Group Ltd.’s holdings in CubeSmart were worth $62,717,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Fifth Third Bancorp raised its stake in CubeSmart by 187.0% during the 3rd quarter. Fifth Third Bancorp now owns 6,265 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 4,082 shares in the last quarter. Aew Capital Management Inc. purchased a new stake in CubeSmart in the third quarter valued at $85,057,000. Maryland State Retirement & Pension System boosted its stake in CubeSmart by 14.0% in the third quarter. Maryland State Retirement & Pension System now owns 13,435 shares of the real estate investment trust’s stock valued at $505,000 after acquiring an additional 1,648 shares in the last quarter. Kestra Investment Management LLC boosted its stake in CubeSmart by 10.3% in the third quarter. Kestra Investment Management LLC now owns 9,866 shares of the real estate investment trust’s stock valued at $371,000 after acquiring an additional 918 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in CubeSmart by 16.9% in the third quarter. Parallel Advisors LLC now owns 3,273 shares of the real estate investment trust’s stock valued at $123,000 after acquiring an additional 472 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Activity

In related news, insider Jeffrey Foster sold 22,776 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $43.72, for a total transaction of $995,766.72. Following the transaction, the insider owned 205,057 shares of the company’s stock, valued at $8,965,092.04. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.76% of the stock is currently owned by corporate insiders.

CubeSmart Stock Performance

NYSE:CUBE traded down $0.05 during trading hours on Friday, reaching $44.95. 1,243,570 shares of the company’s stock were exchanged, compared to its average volume of 2,152,600. CubeSmart has a 1-year low of $35.09 and a 1-year high of $46.41. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $10.04 billion, a price-to-earnings ratio of 29.77, a P/E/G ratio of 7.15 and a beta of 0.98. The company has a 50-day moving average of $40.12 and a 200 day moving average of $39.90.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.23). CubeSmart had a net margin of 30.17% and a return on equity of 13.15%. The business had revenue of $293.97 million during the quarter, compared to analyst estimates of $287.28 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. Research analysts anticipate that CubeSmart will post 2.59 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of CubeSmart in a research report on Tuesday, August 4th. Truist Financial upped their target price on CubeSmart from $41.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday. Mizuho dropped their price target on CubeSmart from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 2nd. UBS Group lifted their price target on CubeSmart from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 4th. Finally, Evercore set a $46.00 price objective on CubeSmart in a research note on Monday, September 21st. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $44.00.

About CubeSmart

CubeSmart is a self-storage real estate investment trust (REIT) that owns and operates storage facilities in the United States. Its facilities provide rental storage space for individuals and businesses, with options that may include climate-controlled units and storage for vehicles, depending on the location. In addition to operating its own properties, CubeSmart provides management services for self-storage facilities owned by third parties. Its locations serve customers in markets across the country, including major metropolitan areas.