CubeSmart (NYSE:CUBE) Receives Average Rating of “Hold” from Brokerages

Shares of CubeSmart (NYSE:CUBE) have been given an average rating of “Hold” by the eleven analysts that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $46.18.

Several analysts recently commented on CUBE shares. Raymond James boosted their price target on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday. Barclays initiated coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price on the stock. Evercore ISI increased their target price on shares of CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Wells Fargo & Company upped their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Finally, BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and cut their target price for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th.

CubeSmart Stock Performance

NYSE CUBE opened at $47.10 on Thursday. CubeSmart has a twelve month low of $33.17 and a twelve month high of $49.58. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The stock has a market cap of $10.60 billion, a P/E ratio of 26.17, a PEG ratio of 8.39 and a beta of 0.80. The company’s 50-day simple moving average is $44.48 and its 200 day simple moving average is $43.97.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share 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 company had revenue of $261.41 million during the quarter, compared to the consensus estimate of $253.91 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were paid a $0.51 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $2.04 annualized dividend and a dividend yield of 4.33%. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Hedge Funds Weigh In On CubeSmart

Several large investors have recently made changes to their positions in CUBE. Wellington Management Group LLP raised its holdings in CubeSmart by 14.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,153,064 shares of the real estate investment trust’s stock worth $43,966,000 after purchasing an additional 143,244 shares during the last quarter. Nordea Investment Management AB boosted its stake in CubeSmart by 30.6% during the 4th quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust’s stock worth $22,633,000 after acquiring an additional 113,571 shares during the last quarter. Naples Global Advisors LLC boosted its position in shares of CubeSmart by 25.1% during the fourth quarter. Naples Global Advisors LLC now owns 24,275 shares of the real estate investment trust’s stock worth $1,137,000 after purchasing an additional 4,865 shares in the last quarter. Whitaker Myers Wealth Managers LTD. acquired a new position in CubeSmart in the fourth quarter valued at about $205,000. Finally, Cooper Financial Group grew its position in shares of CubeSmart by 12.1% in the 4th quarter. Cooper Financial Group now owns 10,339 shares of the real estate investment trust’s stock valued at $479,000 after purchasing an additional 1,118 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

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.