CubeSmart (NYSE:CUBE) Raised to Buy at Truist Financial

CubeSmart (NYSE:CUBE) was upgraded by Truist Financial from a “hold” rating to a “buy” rating in a report issued on Friday, Marketbeat.com reports. The firm currently has a $47.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $50.00. Truist Financial’s price target points to a potential upside of 13.51% from the company’s current price.

CUBE has been the subject of several other research reports. Wells Fargo & Company raised their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Scotiabank reduced 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 note on Monday, November 25th. Deutsche Bank Aktiengesellschaft upgraded 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. Barclays reduced their price objective on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Finally, Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price objective for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $49.73.

CubeSmart Price Performance

CubeSmart stock opened at $41.41 on Friday. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. The company’s 50 day moving average price is $45.30 and its two-hundred day moving average price is $48.14. 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 has a market cap of $9.36 billion, a P/E ratio of 23.39, a P/E/G ratio of 11.06 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. During the same period in the prior year, the business earned $0.68 EPS. CubeSmart’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities analysts predict that CubeSmart will post 2.63 earnings per share for the current year.

Institutional Trading of CubeSmart

Institutional investors have recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its position in CubeSmart by 302.0% during the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 444 shares during the period. Peterson Financial Group Inc. purchased a new stake in shares of CubeSmart during the third quarter worth about $33,000. Versant Capital Management Inc boosted its holdings in shares of 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 worth $29,000 after purchasing an additional 673 shares during the period. Brooklyn Investment Group purchased a new stake in shares of CubeSmart during the third quarter worth about $59,000. Finally, Quarry LP boosted its holdings in shares of CubeSmart by 195.6% during the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 757 shares during the period. 97.61% of the stock is currently owned by hedge funds and other 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.