CubeSmart (NYSE:CUBE) Price Target Raised to $50.00

CubeSmart (NYSE:CUBE) had its target price raised by Raymond James from $48.00 to $50.00 in a research report released on Tuesday morning, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company raised their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the company an equal weight rating in a research note on Friday, April 5th. Barclays began coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price target on the stock. Evercore ISI boosted their price objective on CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a report on Monday, July 15th. Finally, BMO Capital Markets lowered CubeSmart from an outperform rating to a market perform rating and dropped their target price for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $46.18.

CubeSmart Stock Down 1.3 %

CubeSmart stock traded down $0.62 during midday trading on Tuesday, reaching $47.88. The stock had a trading volume of 276,816 shares, compared to its average volume of 1,365,142. The company has a fifty day moving average price of $44.40 and a two-hundred day moving average price of $43.95. CubeSmart has a 12 month low of $33.17 and a 12 month high of $49.58. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $10.77 billion, a P/E ratio of 26.95, a PEG ratio of 8.36 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm had revenue of $261.41 million for the quarter, compared to the consensus estimate of $253.91 million. During the same quarter in the prior year, the firm earned $0.65 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were given a $0.51 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.04 annualized dividend and a yield of 4.26%. CubeSmart’s dividend payout ratio is currently 113.33%.

Institutional Investors Weigh In On CubeSmart

Several large investors have recently made changes to their positions in CUBE. Albion Financial Group UT boosted its holdings in shares of CubeSmart by 0.3% in the 4th quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust’s stock worth $3,685,000 after buying an additional 254 shares during the last quarter. Coldstream Capital Management Inc. raised its position in CubeSmart by 0.8% in the fourth quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust’s stock worth $1,599,000 after acquiring an additional 266 shares during the period. Covestor Ltd boosted its stake in CubeSmart by 11.8% in the first quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock valued at $119,000 after acquiring an additional 278 shares during the last quarter. Signaturefd LLC grew its position in shares of CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 292 shares during the period. Finally, Fifth Third Bancorp increased its stake in shares of CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 311 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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.