CubeSmart (NYSE:CUBE) PT Raised to $50.00

CubeSmart (NYSE:CUBE) had its target price lifted by research analysts at Wells Fargo & Company from $48.00 to $50.00 in a report released on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 2.31% from the stock’s current price.

Other analysts also recently issued reports about the company. Raymond James upped their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Scotiabank assumed coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 target price on the stock. Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a report on Friday, August 16th. Evercore ISI raised their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada initiated coverage on shares of CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price target for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $50.67.

CubeSmart Price Performance

Shares of CUBE stock traded down $1.11 during midday trading on Monday, reaching $48.87. 164,349 shares of the company traded hands, compared to its average volume of 1,345,521. The firm has a market cap of $11.01 billion, a PE ratio of 27.44, a price-to-earnings-growth ratio of 9.12 and a beta of 0.82. CubeSmart has a 1-year low of $33.17 and a 1-year high of $55.14. The firm’s 50 day simple moving average is $51.56 and its two-hundred day simple moving average is $46.84. 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 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.66 EPS. On average, equities research analysts expect that CubeSmart will post 2.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the transaction, the insider now owns 182,460 shares in the company, valued at $8,630,358. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the company’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 completion of the sale, the insider now owns 182,460 shares of the company’s stock, valued at $8,630,358. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,217 shares of company stock worth $4,244,344. Insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On CubeSmart

Large investors have recently made changes to their positions in the business. Janus Henderson Group PLC increased its position in CubeSmart by 1,575.2% during the first quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock worth $82,277,000 after acquiring an additional 1,711,762 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of CubeSmart by 26.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after buying an additional 1,205,097 shares during the last quarter. TimesSquare Capital Management LLC bought a new stake in shares of CubeSmart in the first quarter valued at about $48,716,000. Allspring Global Investments Holdings LLC lifted its position in shares of CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after acquiring an additional 624,661 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of CubeSmart by 12.5% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares in the last quarter. 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.