CubeSmart (NYSE:CUBE) PT Raised to $53.00

CubeSmart (NYSE:CUBE) had its price objective lifted by Evercore ISI from $52.00 to $53.00 in a research report report published on Monday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Several other brokerages have also commented on CUBE. Barclays increased their price objective on CubeSmart from $48.00 to $55.00 and gave the company an equal weight rating in a report on Thursday, August 22nd. Royal Bank of Canada began coverage on CubeSmart in a report on Tuesday, September 10th. They issued an outperform rating and a $56.00 price target for the company. Wells Fargo & Company upped their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a report on Friday, July 26th. Raymond James lifted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Finally, UBS Group lowered shares of CubeSmart from a buy rating to a neutral rating and upped their price target for the company from $53.00 to $54.00 in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $50.50.

CubeSmart Trading Up 0.2 %

Shares of NYSE CUBE opened at $54.09 on Monday. CubeSmart has a 1-year low of $33.17 and a 1-year high of $55.14. The business has a fifty day moving average price of $49.79 and a 200 day moving average price of $45.68. The stock has a market capitalization of $12.17 billion, a P/E ratio of 30.05, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82. 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 released its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. During the same period in the previous year, the company posted $0.66 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 3.77%. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Insider Buying and Selling at CubeSmart

In other news, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is owned by insiders.

Hedge Funds Weigh In On CubeSmart

Several institutional investors and hedge funds have recently modified their holdings of CUBE. BNP Paribas Financial Markets raised its holdings in CubeSmart by 171.9% in the 4th quarter. BNP Paribas Financial Markets now owns 130,955 shares of the real estate investment trust’s stock worth $6,070,000 after purchasing an additional 82,794 shares during the period. QRG Capital Management Inc. raised its holdings in CubeSmart by 9.8% in the 4th quarter. QRG Capital Management Inc. now owns 6,767 shares of the real estate investment trust’s stock worth $314,000 after purchasing an additional 602 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in CubeSmart by 6.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 13,729 shares of the real estate investment trust’s stock worth $636,000 after purchasing an additional 817 shares during the period. Panagora Asset Management Inc. raised its holdings in CubeSmart by 233.4% in the 4th quarter. Panagora Asset Management Inc. now owns 21,673 shares of the real estate investment trust’s stock worth $1,005,000 after purchasing an additional 15,173 shares during the period. Finally, Level Four Advisory Services LLC acquired a new position in CubeSmart in the 4th quarter worth about $255,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

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.