CubeSmart $CUBE Stock Holdings Lifted by Prudential Financial Inc.
Prudential Financial Inc. increased its stake in CubeSmart by 106% in Q2, owning 454,619 shares worth $19.32 million. Other hedge funds also modified their holdings. Analysts have mixed ratings on CubeSmart, with a consensus rating of 'Hold' and an average target price of $45.94. CubeSmart reported Q3 earnings of $0.65 per share, with revenue up 5.2% year-over-year. The company is a leading self-storage REIT in the U.S.
Prudential Financial Inc. grew its stake in shares of CubeSmart (NYSE:CUBE - Free Report) by 106.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 454,619 shares of the real estate investment trust's stock after acquiring an additional 233,898 shares during the period. Prudential Financial Inc. owned about 0.20% of CubeSmart worth $19,321,000 at the end of the most recent reporting period.
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Other hedge funds have also modified their holdings of the company. True Wealth Design LLC lifted its holdings in shares of CubeSmart by 308.2% during the second quarter. True Wealth Design LLC now owns 694 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 524 shares during the last quarter. IFP Advisors Inc raised its holdings in CubeSmart by 737.2% during the 2nd quarter. IFP Advisors Inc now owns 1,532 shares of the real estate investment trust's stock worth $71,000 after buying an additional 1,349 shares during the period. Covestor Ltd lifted its stake in CubeSmart by 22.8% during the first quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust's stock valued at $67,000 after buying an additional 292 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in shares of CubeSmart by 1,776.1% in the second quarter. Hantz Financial Services Inc. now owns 1,651 shares of the real estate investment trust's stock worth $70,000 after buying an additional 1,563 shares during the period. Finally, Signaturefd LLC increased its position in shares of CubeSmart by 82.8% in the second quarter. Signaturefd LLC now owns 1,680 shares of the real estate investment trust's stock worth $71,000 after acquiring an additional 761 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CUBE has been the subject of several research analyst reports. Barclays reduced their price target on shares of CubeSmart from $48.00 to $45.00 and set an "equal weight" rating for the company in a research report on Friday, August 8th. Wall Street Zen cut CubeSmart from a "hold" rating to a "sell" rating in a research report on Monday, November 17th. Deutsche Bank Aktiengesellschaft set a $45.00 price target on CubeSmart and gave the company a "buy" rating in a report on Monday, October 13th. Evercore ISI reduced 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. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of CubeSmart in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, CubeSmart presently has a consensus rating of "Hold" and an average target price of $45.94.
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View Our Latest Report on CUBE
CubeSmart Stock Up 1.7%
CUBE stock opened at $36.90 on Wednesday. The firm has a market cap of $8.42 billion, a PE ratio of 22.50, a PEG ratio of 8.91 and a beta of 0.99. CubeSmart has a 1 year low of $34.24 and a 1 year high of $50.69. The company has a fifty day simple moving average of $39.30 and a 200 day simple moving average of $40.78. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18.
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CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, meeting the consensus estimate of $0.65. The company had revenue of $285.08 million for the quarter, compared to analyst estimates of $282.57 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%.The business's revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $0.67 earnings per share. Sell-side analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Company Profile
(Free Report)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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