Envestnet Asset Management Inc. Has $34.85 Million Stock Holdings in CubeSmart $CUBE

Envestnet Asset Management Inc. lessened its holdings in CubeSmart (NYSE:CUBE) by 31.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 819,994 shares of the real estate investment trust’s stock after selling 379,929 shares during the period. Envestnet Asset Management Inc. owned approximately 0.36% of CubeSmart worth $34,850,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Securian Asset Management Inc. increased its holdings in shares of CubeSmart by 1.5% during the second quarter. Securian Asset Management Inc. now owns 17,360 shares of the real estate investment trust’s stock worth $738,000 after buying an additional 264 shares in the last quarter. Moran Wealth Management LLC increased its holdings in shares of CubeSmart by 0.9% during the second quarter. Moran Wealth Management LLC now owns 31,522 shares of the real estate investment trust’s stock worth $1,340,000 after buying an additional 270 shares in the last quarter. Covestor Ltd increased its holdings in shares of CubeSmart by 22.8% during the first quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust’s stock worth $67,000 after buying an additional 292 shares in the last quarter. UniSuper Management Pty Ltd increased its holdings in shares of CubeSmart by 0.5% during the first quarter. UniSuper Management Pty Ltd now owns 63,200 shares of the real estate investment trust’s stock worth $2,699,000 after buying an additional 300 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of CubeSmart by 6.2% during the first quarter. Cerity Partners LLC now owns 5,375 shares of the real estate investment trust’s stock worth $230,000 after buying an additional 316 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Wall Street Analyst Weigh In

CUBE has been the subject of several recent analyst reports. Citigroup dropped their price objective on shares of CubeSmart from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, August 25th. Wall Street Zen lowered shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of CubeSmart in a report on Wednesday, October 8th. Barclays lowered their price target on shares of CubeSmart from $48.00 to $45.00 and set an “equal weight” rating for the company in a report on Friday, August 8th. Finally, Evercore ISI raised their price target on shares of CubeSmart from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, October 3rd. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, CubeSmart has an average rating of “Hold” and an average price target of $46.06.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $37.68 on Monday. The company has a 50 day moving average of $40.71 and a 200-day moving average of $41.25. CubeSmart has a 1-year low of $34.24 and a 1-year high of $50.69. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.18. The company has a market cap of $8.59 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 8.91 and a beta of 0.96.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 30th. The real estate investment trust reported $0.65 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.65. CubeSmart had a net margin of 35.44% and a return on equity of 13.12%. The company had revenue of $285.08 million during the quarter, compared to the consensus estimate of $282.57 million. During the same quarter in the prior year, the firm posted $0.67 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. CubeSmart has set its FY 2025 guidance at 2.560-2.600 EPS. As a group, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

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.