CubeSmart (NYSE:CUBE) Hits New 1-Year Low Following Analyst Downgrade

Shares of CubeSmart (NYSE:CUBE) hit a new 52-week low during trading on Monday after Barclays lowered their price target on the stock from $54.00 to $50.00. Barclays currently has an equal weight rating on the stock. CubeSmart traded as low as $39.80 and last traded at $39.92, with a volume of 791449 shares. The stock had previously closed at $40.23.

A number of other equities research analysts also recently issued reports on the stock. Scotiabank cut their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a research report on Friday. Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and lowered their price objective for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Evercore ISI boosted their price objective on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, Royal Bank of Canada decreased their target price on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and a consensus price target of $50.00.

Institutional Trading of CubeSmart

Several institutional investors have recently added to or reduced their stakes in CUBE. Ashton Thomas Private Wealth LLC purchased a new position in CubeSmart in the 2nd quarter worth about $33,000. Wedbush Securities Inc. grew its stake in CubeSmart by 8.6% in the 2nd quarter. Wedbush Securities Inc. now owns 7,200 shares of the real estate investment trust’s stock worth $325,000 after acquiring an additional 571 shares in the last quarter. American Century Companies Inc. increased its position in shares of CubeSmart by 16.0% during the second quarter. American Century Companies Inc. now owns 560,903 shares of the real estate investment trust’s stock worth $25,336,000 after acquiring an additional 77,503 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of CubeSmart by 23.2% during the second quarter. DekaBank Deutsche Girozentrale now owns 154,856 shares of the real estate investment trust’s stock valued at $6,921,000 after acquiring an additional 29,184 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in shares of CubeSmart in the second quarter valued at approximately $593,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

The firm has a 50 day moving average of $46.02 and a 200-day moving average of $48.29. The company has a market cap of $9.04 billion, a P/E ratio of 22.58, a PEG ratio of 13.00 and a beta of 0.87. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The business had revenue of $270.90 million for 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 business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. As a group, sell-side analysts anticipate that CubeSmart will post 2.63 EPS for the current fiscal year.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be given a dividend of $0.52 per share. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 5.20%. CubeSmart’s dividend payout ratio is presently 117.51%.

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.