Barclays Cuts CubeSmart (NYSE:CUBE) Price Target to $50.00

CubeSmart (NYSE:CUBE) had its price target trimmed by Barclays from $54.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

CUBE has been the topic of several other reports. Scotiabank cut their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. Evercore ISI boosted their target price on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Royal Bank of Canada decreased their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company boosted their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and decreased their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, CubeSmart has a consensus rating of “Hold” and an average price target of $50.00.

CubeSmart Stock Performance

Shares of CUBE opened at $40.51 on Monday. The firm has a market capitalization of $9.16 billion, a P/E ratio of 22.89, a P/E/G ratio of 11.06 and a beta of 0.87. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. The stock has a 50 day moving average price of $45.70 and a two-hundred day moving average price of $48.23. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 earnings per share. Equities analysts forecast that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.08 annualized dividend and a yield of 5.13%. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s dividend payout ratio (DPR) is 117.51%.

Institutional Investors Weigh In On CubeSmart

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP lifted its stake in shares of CubeSmart by 19.8% during the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock valued at $74,000 after buying an additional 227 shares in the last quarter. CIBC Asset Management Inc grew its holdings in CubeSmart by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock valued at $358,000 after buying an additional 233 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of CubeSmart by 0.8% in the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after buying an additional 243 shares in the last quarter. Mirador Capital Partners LP grew its stake in CubeSmart by 1.6% during the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in CubeSmart by 4.5% in the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after purchasing an additional 248 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Company Profile

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.