CubeSmart (NYSE:CUBE) Hits New 1-Year Low – Here’s What Happened

CubeSmart (NYSE:CUBE) shares reached a new 52-week low during mid-day trading on Friday . The company traded as low as $39.34 and last traded at $40.03, with a volume of 1051143 shares. The stock had previously closed at $41.09.

Analysts Set New Price Targets

Several brokerages have recently commented on CUBE. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Wells Fargo & Company dropped their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Scotiabank downgraded CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and cut their price target for the stock from $50.00 to $47.00 in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.00.

CubeSmart Trading Down 3.8 %

The company has a market capitalization of $9.00 billion, a PE ratio of 22.32, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock’s fifty day moving average price is $41.90 and its two-hundred day moving average price is $45.34.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $231.41 million for the quarter, compared to analysts’ expectations of $267.54 million. Sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

Institutional Investors Weigh In On CubeSmart

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its holdings in shares of CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 289 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 389 shares during the period. Versant Capital Management Inc increased its position in CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 673 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 559 shares during the period. Finally, UMB Bank n.a. boosted its position in CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 351 shares during the last quarter. 97.61% of the stock is owned by 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.