CubeSmart $CUBE Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of CubeSmart (NYSE:CUBE) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,480,726 shares of the real estate investment trust’s stock after buying an additional 13,492 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.66% of CubeSmart worth $55,646,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CUBE. Valley Wealth Managers Inc. bought a new stake in shares of CubeSmart during the 3rd quarter valued at $22,499,000. Ieq Capital LLC bought a new stake in CubeSmart in the second quarter valued at about $9,966,000. Readystate Asset Management LP bought a new stake in CubeSmart in the second quarter valued at about $2,989,000. The Manufacturers Life Insurance Company bought a new stake in CubeSmart in the second quarter valued at about $6,588,000. Finally, Corient Private Wealth LP lifted its stake in CubeSmart by 263.0% in the second quarter. Corient Private Wealth LP now owns 161,619 shares of the real estate investment trust’s stock valued at $6,428,000 after buying an additional 117,093 shares during the period. 97.61% of the stock is owned by institutional investors.

Insider Activity at CubeSmart

In other news, insider Jeffrey Foster sold 22,776 shares of CubeSmart 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 in the company, valued at $8,965,092.04. The trade was a 10.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.76% of the stock is currently owned by corporate insiders.

CubeSmart Price Performance

CUBE opened at $44.19 on Wednesday. The stock has a market cap of $9.87 billion, a P/E ratio of 29.26, a P/E/G ratio of 7.42 and a beta of 0.98. CubeSmart has a 12 month low of $35.09 and a 12 month high of $44.54. The company has a quick ratio of 0.07, a current ratio of 0.06 and a debt-to-equity ratio of 1.42. The company has a fifty day simple moving average of $39.29 and a 200 day simple moving average of $39.64.

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

Analysts Set New Price Targets

CUBE has been the topic of a number of recent analyst reports. Mizuho reduced their target price on CubeSmart from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Wednesday, September 2nd. UBS Group lowered their price target on CubeSmart from $43.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, October 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of CubeSmart in a research report on Tuesday, October 13th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of CubeSmart in a research report on Tuesday, August 4th. Finally, Wells Fargo & Company lifted their price objective on shares of CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and a consensus price target of $42.73.

About CubeSmart

CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. The company provides storage space for households, businesses and other customers through a portfolio serving metropolitan areas and communities across the country.

Its facilities offer a range of storage options, including traditional and climate-controlled units, as well as space for vehicles, boats and recreational vehicles at select locations.