Shares of CubeSmart (NYSE:CUBE – Get Free Report) 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.
Get Our Latest Analysis on CubeSmart
CubeSmart Stock Performance
CubeSmart (NYSE:CUBE – Get Free Report) 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.
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