Neo Ivy Capital Management Acquires New Position in CubeSmart $CUBE

Neo Ivy Capital Management acquired a new position in shares of CubeSmart (NYSE:CUBE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 18,630 shares of the real estate investment trust’s stock, valued at approximately $782,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CUBE. HighTower Advisors LLC lifted its position in shares of CubeSmart by 19.9% during the 1st quarter. HighTower Advisors LLC now owns 37,160 shares of the real estate investment trust’s stock valued at $1,587,000 after acquiring an additional 6,179 shares during the period. MetLife Investment Management LLC increased its stake in CubeSmart by 63.7% in the 1st quarter. MetLife Investment Management LLC now owns 219,496 shares of the real estate investment trust’s stock valued at $9,375,000 after purchasing an additional 85,414 shares in the last quarter. Jump Financial LLC acquired a new position in CubeSmart during the first quarter worth $824,000. Charles Schwab Investment Management Inc. raised its holdings in CubeSmart by 1.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,183,271 shares of the real estate investment trust’s stock worth $135,958,000 after purchasing an additional 58,564 shares during the last quarter. Finally, Northern Trust Corp boosted its position in CubeSmart by 4.3% during the first quarter. Northern Trust Corp now owns 3,920,931 shares of the real estate investment trust’s stock worth $167,463,000 after purchasing an additional 162,068 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Up 1.7%

CUBE stock opened at $36.24 on Friday. The company has a 50 day moving average price of $39.47 and a two-hundred day moving average price of $40.88. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.06 and a current ratio of 0.06. The stock has a market capitalization of $8.26 billion, a P/E ratio of 22.10, a PEG ratio of 8.91 and a beta of 0.99. CubeSmart has a one year low of $34.24 and a one year high of $50.69.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, hitting analysts’ consensus estimates 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 for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 EPS. As a group, sell-side analysts expect that CubeSmart will post 2.64 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CUBE. Barclays dropped their price target on CubeSmart from $48.00 to $45.00 and set an “equal weight” rating for the company in a research report on Friday, August 8th. KeyCorp restated a “sector weight” rating on shares of CubeSmart in a report on Monday, November 10th. Citigroup reduced their price target 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. Deutsche Bank Aktiengesellschaft set a $45.00 price target on shares of CubeSmart and gave the company a “buy” rating in a research report on Monday, October 13th. Finally, Royal Bank Of Canada cut their price objective on CubeSmart from $47.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, November 3rd. Seven analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $45.94.

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.