Royal Bank of Canada Issues Pessimistic Forecast for CubeSmart (NYSE:CUBE) Stock Price

CubeSmart (NYSE:CUBE) had its price objective lowered by research analysts at Royal Bank of Canada from $56.00 to $53.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 10.35% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. Wells Fargo & Company increased their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Barclays reduced their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Scotiabank started coverage on CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target on the stock. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price objective for the company from $53.00 to $54.00 in a research note on Friday, September 13th. Finally, Evercore ISI lifted their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $51.45.

CubeSmart Price Performance

CUBE stock traded up $0.70 during trading hours on Monday, hitting $48.03. 140,209 shares of the stock traded hands, compared to its average volume of 1,345,655. The stock has a 50-day simple moving average of $51.36 and a 200 day simple moving average of $47.11. The company has a market cap of $10.82 billion, a P/E ratio of 27.14, a P/E/G ratio of 8.73 and a beta of 0.84. CubeSmart has a one year low of $35.58 and a one year high of $55.14. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. During the same quarter last year, the business posted $0.68 EPS. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities analysts forecast that CubeSmart will post 2.65 earnings per share for the current year.

Insider Activity

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the completion of the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.68% of the stock is owned by insiders.

Hedge Funds Weigh In On CubeSmart

Large investors have recently bought and sold shares of the stock. Janus Henderson Group PLC grew 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 buying an additional 1,711,762 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in 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 worth $257,191,000 after acquiring an additional 1,205,097 shares in the last quarter. TimesSquare Capital Management LLC bought a new position in CubeSmart during the 1st quarter valued at about $48,716,000. Allspring Global Investments Holdings LLC raised its stake in shares of CubeSmart by 14.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after acquiring an additional 624,661 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in 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 acquiring an additional 303,347 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

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.