Anchor Investment Management LLC Buys Shares of 1,462 CubeSmart (NYSE:CUBE)

Anchor Investment Management LLC purchased a new position in shares of CubeSmart (NYSE:CUBE) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,462 shares of the real estate investment trust’s stock, valued at approximately $79,000.

Other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after acquiring an additional 624,661 shares during the period. Geode Capital Management LLC boosted its holdings in shares of CubeSmart by 1.1% during the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after purchasing an additional 50,340 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of CubeSmart by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after purchasing an additional 169,600 shares during the period. Charles Schwab Investment Management Inc. increased its stake in CubeSmart by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock valued at $163,260,000 after purchasing an additional 135,211 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after buying an additional 303,347 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $46.27 on Friday. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of 26.14, a PEG ratio of 13.00 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The business has a 50-day moving average of $48.67 and a 200-day moving average of $48.40.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. During the same period last year, the business earned $0.68 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. On average, equities analysts anticipate that CubeSmart will post 2.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of research analyst reports. Royal Bank of Canada dropped their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Scotiabank dropped their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Barclays decreased their price target on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Wells Fargo & Company upped their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Finally, Evercore ISI lifted their target price on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $51.36.

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.