Cornercap Investment Counsel Inc. Acquires 1,180 Shares of CubeSmart (NYSE:CUBE)

Cornercap Investment Counsel Inc. raised its holdings in shares of CubeSmart (NYSE:CUBE) by 8.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,209 shares of the real estate investment trust’s stock after purchasing an additional 1,180 shares during the period. Cornercap Investment Counsel Inc.’s holdings in CubeSmart were worth $819,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Whittier Trust Co. boosted its holdings in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the last quarter. UMB Bank n.a. boosted its holdings in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 444 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in CubeSmart in the second quarter valued at $33,000. Quarry LP boosted its holdings in CubeSmart by 195.6% in the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 757 shares during the last quarter. Finally, Abich Financial Wealth Management LLC boosted its holdings in CubeSmart by 8,906.3% in the second quarter. Abich Financial Wealth Management LLC now owns 1,441 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 1,425 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wells Fargo & Company upped their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Royal Bank of Canada lowered their target price on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Truist Financial increased their target price on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Evercore ISI upped their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group upped their price target on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, six have given 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 a consensus price target of $51.45.

CubeSmart Stock Up 0.8 %

Shares of NYSE CUBE opened at $48.33 on Friday. The company has a 50 day simple moving average of $50.68 and a 200-day simple moving average of $47.52. The company has a market capitalization of $10.93 billion, a P/E ratio of 27.31, a P/E/G ratio of 13.46 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 $38.29 and a 1 year high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). The business had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 EPS. On average, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

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.