L.M. Kohn & Company Purchases Shares of 5,134 CubeSmart $CUBE

L.M. Kohn & Company purchased a new stake in CubeSmart (NYSE:CUBE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,134 shares of the real estate investment trust’s stock, valued at approximately $218,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CUBE. T. Rowe Price Investment Management Inc. boosted its position in CubeSmart by 28.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust’s stock valued at $370,049,000 after buying an additional 1,937,055 shares during the period. Millennium Management LLC raised its holdings in shares of CubeSmart by 129.6% in the 1st quarter. Millennium Management LLC now owns 2,261,419 shares of the real estate investment trust’s stock valued at $96,585,000 after purchasing an additional 1,276,340 shares in the last quarter. Nuveen LLC acquired a new stake in shares of CubeSmart in the 1st quarter valued at $53,980,000. JPMorgan Chase & Co. raised its holdings in shares of CubeSmart by 29.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust’s stock valued at $237,519,000 after purchasing an additional 1,261,746 shares in the last quarter. Finally, Long Pond Capital LP acquired a new stake in shares of CubeSmart in the 1st quarter valued at $47,358,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $40.04 on Thursday. The company’s fifty day moving average price is $40.80 and its 200 day moving average price is $41.24. CubeSmart has a 12 month low of $34.24 and a 12 month high of $50.69. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.06. The firm has a market capitalization of $9.13 billion, a P/E ratio of 24.41, a P/E/G ratio of 9.19 and a beta of 0.96.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The firm had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. During the same period last year, the business earned $0.64 EPS. CubeSmart’s revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CUBE shares. Wall Street Zen upgraded shares of CubeSmart from a “sell” rating to a “hold” rating in a report on Sunday, September 21st. Deutsche Bank Aktiengesellschaft set a $45.00 price objective on shares of CubeSmart and gave the company a “buy” rating in a report on Monday, October 13th. Royal Bank Of Canada reduced their price objective on shares of CubeSmart from $48.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, August 4th. Evercore ISI raised their price objective on shares of CubeSmart from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, October 3rd. Finally, Citigroup reduced their price objective on shares of CubeSmart from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Monday, August 25th. Eight research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $46.06.

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.