CubeSmart (NYSE:CUBE) Sets New 1-Year High After Analyst Upgrade

CubeSmart (NYSE:CUBE) hit a new 52-week high during mid-day trading on Monday after Evercore ISI raised their price target on the stock from $52.00 to $53.00. Evercore ISI currently has an in-line rating on the stock. CubeSmart traded as high as $54.62 and last traded at $54.38, with a volume of 98841 shares traded. The stock had previously closed at $54.00.

CUBE has been the subject of a number of other reports. Raymond James upped their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and raised their target price for the company from $53.00 to $54.00 in a research note on Friday. Royal Bank of Canada initiated coverage on CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective on the stock. Scotiabank initiated coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective on the stock. Finally, Truist Financial increased their target price on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and an average price target of $49.75.

Insider Transactions at CubeSmart

In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the transaction, the insider now owns 182,460 shares in the company, valued at approximately $8,630,358. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 over the last quarter. Corporate insiders own 1.68% of the company’s stock.

Institutional Trading of CubeSmart

A number of institutional investors have recently made changes to their positions in the business. Mather Group LLC. acquired a new stake in shares of CubeSmart in the first quarter valued at about $26,000. Whittier Trust Co. grew its stake in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of CubeSmart during the 1st quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of CubeSmart during the 2nd quarter worth approximately $33,000. Finally, Larson Financial Group LLC acquired a new stake in shares of CubeSmart in the 1st quarter valued at approximately $45,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Up 0.9 %

The firm has a market capitalization of $12.27 billion, a P/E ratio of 30.25, a PEG ratio of 9.86 and a beta of 0.82. The firm’s 50 day moving average is $49.20 and its two-hundred day moving average is $45.47. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The firm had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 EPS. Research analysts predict that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

About CubeSmart

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.