Aew Capital Management Inc. Makes New Investment in CubeSmart $CUBE

Key Points

• Aew Capital Management acquired 2.26 million CubeSmart shares in the third quarter, valued at about $85.1 million. The stake represents roughly 1.01% of CubeSmart and 5.6% of the fund’s portfolio.
• Analysts’ consensus rating is Hold, with an average price target of $43.27; five analysts rate the stock Buy and eight rate it Hold.
• CubeSmart’s latest quarterly EPS of $0.42 missed the $0.65 consensus, while revenue of $293.97 million topped estimates and grew 3.1% year over year.

Aew Capital Management Inc. acquired a new stake in CubeSmart (NYSE:CUBE - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 2,263,368 shares of the real estate investment trust's stock, valued at approximately $85,057,000. CubeSmart accounts for 5.6% of Aew Capital Management Inc.'s holdings, making the stock its 6th biggest holding. Aew Capital Management Inc. owned approximately 1.01% of CubeSmart at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CUBE. Essential Partners LLC boosted its position in CubeSmart by 594.7% in the 1st quarter. Essential Partners LLC now owns 910 shares of the real estate investment trust's stock valued at $33,000 after buying an additional 779 shares during the period. Parkside Financial Bank & Trust boosted its holdings in CubeSmart by 143.2% in the second quarter. Parkside Financial Bank & Trust now owns 941 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 554 shares during the period. Elevation Wealth Partners LLC grew its stake in CubeSmart by 38.1% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,417 shares of the real estate investment trust's stock worth $56,000 after purchasing an additional 391 shares in the last quarter. Global Retirement Partners LLC acquired a new position in CubeSmart during the 2nd quarter worth $60,000. Finally, Root Financial Partners LLC purchased a new stake in CubeSmart during the 3rd quarter worth about $65,000. Institutional investors and hedge funds own 97.61% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CUBE. Truist Financial initiated coverage on CubeSmart in a research report on Friday, October 2nd. They set a "buy" rating and a $41.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of CubeSmart from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Friday, July 24th. Evercore set a $46.00 price objective on shares of CubeSmart in a report on Monday, September 21st. Weiss Ratings restated a "hold (c)" rating on shares of CubeSmart in a research report on Tuesday, October 13th. Finally, UBS Group upped their target price on shares of CubeSmart from $38.00 to $44.00 and gave the company a "neutral" rating in a report on Wednesday, November 4th. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, CubeSmart presently has an average rating of "Hold" and an average target price of $43.27.

Insider Activity at CubeSmart

In other news, insider Jeffrey Foster sold 22,776 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $43.72, for a total transaction of $995,766.72. Following the transaction, the insider directly owned 205,057 shares in the company, valued at $8,965,092.04. This represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.76% of the stock is currently owned by corporate insiders.

CubeSmart Price Performance

CubeSmart stock opened at $45.08 on Thursday. CubeSmart has a 12-month low of $35.09 and a 12-month high of $46.41. The stock has a market capitalization of $10.07 billion, a P/E ratio of 29.85, a P/E/G ratio of 7.15 and a beta of 0.98. The firm's 50-day moving average is $39.90 and its two-hundred day moving average is $39.83. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.06 and a quick ratio of 0.06.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.65 by ($0.23). The firm had revenue of $293.97 million for the quarter, compared to analyst estimates of $287.28 million. CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. The firm's revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS. Equities analysts predict that CubeSmart will post 2.59 earnings per share for the current year.

CubeSmart Company Profile

CubeSmart is a self-storage real estate investment trust (REIT) that owns and operates storage facilities in the United States. Its facilities provide rental storage space for individuals and businesses, with options that may include climate-controlled units and storage for vehicles, depending on the location. In addition to operating its own properties, CubeSmart provides management services for self-storage facilities owned by third parties. Its locations serve customers in markets across the country, including major metropolitan areas.

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