US Bancorp DE lowered its holdings in CubeSmart (NYSE:CUBE – Free Report) by 4.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,247 shares of the real estate investment trust’s stock after selling 1,044 shares during the period. US Bancorp DE’s holdings in CubeSmart were worth $904,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. SouthState Corp purchased a new stake in shares of CubeSmart during the 1st quarter worth approximately $25,000. Parallel Advisors LLC lifted its position in shares of CubeSmart by 88.9% during the 2nd quarter. Parallel Advisors LLC now owns 593 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 279 shares during the last quarter. Heritage Wealth Advisors lifted its position in shares of CubeSmart by 286.0% during the 1st quarter. Heritage Wealth Advisors now owns 772 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 572 shares during the last quarter. Ellevest Inc. lifted its position in shares of CubeSmart by 89.8% during the 1st quarter. Ellevest Inc. now owns 877 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 415 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of CubeSmart during the 1st quarter worth approximately $46,000. Institutional investors and hedge funds own 96.66% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on CUBE shares. Truist Financial reduced their price objective on shares of CubeSmart from $47.00 to $45.00 and set a “hold” rating for the company in a research report on Tuesday, August 29th. Citigroup cut their price objective on shares of CubeSmart from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Thursday, August 24th. Stifel Nicolaus restated a “buy” rating and set a $50.00 price objective on shares of CubeSmart in a research report on Wednesday, September 13th. Wells Fargo & Company downgraded shares of CubeSmart from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $46.00 to $37.00 in a research report on Tuesday, October 24th. Finally, Bank of America cut shares of CubeSmart from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $51.00 to $38.00 in a research note on Monday, October 30th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $44.90.
View Our Latest Analysis on CubeSmart
CubeSmart Price Performance
Shares of NYSE CUBE opened at $38.59 on Monday. The stock has a market cap of $8.68 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 2.67 and a beta of 0.64. CubeSmart has a 52 week low of $33.17 and a 52 week high of $48.93. The company’s 50-day moving average price is $37.30 and its 200 day moving average price is $41.37. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.03.
CubeSmart Company 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.
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Source: defenseworld.net
