Russell Investments Group Ltd. Acquires 786,046 Shares of CubeSmart $CUBE

Russell Investments Group Ltd. lifted its holdings in shares of CubeSmart (NYSE:CUBE - Free Report) by 89.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,668,879 shares of the real estate investment trust's stock after purchasing an additional 786,046 shares during the quarter. Russell Investments Group Ltd. owned about 0.75% of CubeSmart worth $62,717,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of CubeSmart in the second quarter valued at approximately $1,349,164,000. Canada Pension Plan Investment Board purchased a new position in CubeSmart in the 2nd quarter valued at approximately $288,512,000. Dimensional Fund Advisors LP boosted its position in CubeSmart by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,354,921 shares of the real estate investment trust's stock valued at $122,953,000 after buying an additional 48,268 shares during the period. Aew Capital Management Inc. acquired a new position in shares of CubeSmart in the third quarter worth $85,057,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of CubeSmart in the second quarter worth $74,199,000. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Stock Down 0.1%

Shares of CUBE traded down $0.05 during midday trading on Friday, reaching $44.95. The stock had a trading volume of 1,243,570 shares, compared to its average volume of 2,152,600. CubeSmart has a 1-year low of $35.09 and a 1-year high of $46.41. The company's fifty day simple moving average is $40.12 and its two-hundred day simple moving average is $39.90. The company has a market cap of $10.04 billion, a price-to-earnings ratio of 29.77, a PEG ratio of 7.15 and a beta of 0.98. 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 released its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.23). The firm had revenue of $293.97 million for the quarter, compared to analysts' expectations of $287.28 million. CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. CubeSmart's revenue for the quarter was up 3.1% on a year-over-year basis. During the same period last year, the firm posted $0.65 earnings per share. Equities research analysts expect that CubeSmart will post 2.59 earnings per share for the current year.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CUBE. Evercore set a $46.00 price objective on CubeSmart in a research note on Monday, September 21st. KeyCorp reiterated a "sector weight" rating on shares of CubeSmart in a report on Tuesday, August 4th. Truist Financial boosted their target price on CubeSmart from $41.00 to $49.00 and gave the stock a "buy" rating in a research note on Thursday. Royal Bank Of Canada restated an "outperform" rating and set a $47.00 price target on shares of CubeSmart in a report on Tuesday, August 4th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of CubeSmart in a research report on Tuesday, October 13th. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, CubeSmart presently has an average rating of "Hold" and a consensus target price of $44.00.

About CubeSmart

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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