Norges Bank Acquires New Shares in CubeSmart $CUBE

Norges Bank bought a new position in shares of CubeSmart (NYSE:CUBE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,776,666 shares of the real estate investment trust’s stock, valued at approximately $458,008,000. Norges Bank owned approximately 4.73% of CubeSmart at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. raised its stake in shares of CubeSmart by 28.8% during the 1st 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. Price T Rowe Associates Inc. MD boosted its stake in CubeSmart by 8.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,834,955 shares of the real estate investment trust’s stock worth $291,922,000 after purchasing an additional 543,158 shares during the period. JPMorgan Chase & Co. grew its holdings in CubeSmart by 29.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust’s stock valued at $237,519,000 after buying an additional 1,261,746 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of CubeSmart by 0.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 5,092,379 shares of the real estate investment trust’s stock valued at $216,986,000 after buying an additional 27,278 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of CubeSmart by 4.3% in the first quarter. Northern Trust Corp now owns 3,920,931 shares of the real estate investment trust’s stock worth $167,463,000 after buying an additional 162,068 shares in the last quarter. 97.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on CUBE. UBS Group reduced their price objective on shares of CubeSmart from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Tuesday, September 16th. Weiss Ratings reissued a “hold (c)” rating on shares of CubeSmart in a report on Wednesday, October 8th. Royal Bank Of Canada reduced 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, November 3rd. KeyCorp reaffirmed a “sector weight” rating on shares of CubeSmart in a report on Monday, November 10th. Finally, Evercore ISI dropped their price objective on CubeSmart from $49.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Seven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $45.94.

CubeSmart Stock Performance

NYSE CUBE opened at $37.23 on Friday. CubeSmart has a 52-week low of $34.24 and a 52-week high of $50.44. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.06 and a current ratio of 0.06. The company has a market capitalization of $8.49 billion, a P/E ratio of 22.70, a P/E/G ratio of 8.91 and a beta of 0.99. The company has a fifty day moving average of $39.09 and a 200-day moving average of $40.67.

CubeSmart (NYSE:CUBE) last released its earnings results on Friday, October 31st. The real estate investment trust reported $0.65 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 for the quarter, compared to analysts’ expectations of $282.57 million. During the same quarter in the prior year, the firm earned $0.67 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

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.