Royal Bank of Canada Has Lowered Expectations for CubeSmart (NYSE:CUBE) Stock Price

CubeSmart (NYSE:CUBE) had its price target decreased by Royal Bank of Canada from $56.00 to $53.00 in a research report report published on Monday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on the stock. Scotiabank assumed coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price on the stock. Jefferies Financial Group increased their target price on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Evercore ISI boosted their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Finally, Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, CubeSmart currently has an average rating of “Hold” and an average target price of $51.45.

CubeSmart Trading Up 2.2 %

NYSE:CUBE opened at $47.75 on Monday. The stock has a market cap of $10.80 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 8.53 and a beta of 0.84. CubeSmart has a one year low of $35.69 and a one year high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.03 and a current ratio of 0.20. The business’s 50-day simple moving average is $51.07 and its 200 day simple moving average is $47.24.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $267.49 million. During the same period in the previous year, the company earned $0.68 earnings per share. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CubeSmart

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake in CubeSmart by 12.3% during the 1st quarter. BNP Paribas Financial Markets now owns 147,029 shares of the real estate investment trust’s stock valued at $6,649,000 after purchasing an additional 16,074 shares during the period. Daiwa Securities Group Inc. grew its holdings in CubeSmart by 7.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 72,964 shares of the real estate investment trust’s stock worth $3,299,000 after buying an additional 4,923 shares in the last quarter. Larson Financial Group LLC acquired a new stake in CubeSmart in the 1st quarter valued at approximately $45,000. Texas Permanent School Fund Corp raised its stake in CubeSmart by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 196,796 shares of the real estate investment trust’s stock valued at $8,899,000 after acquiring an additional 2,549 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in CubeSmart by 19.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,466 shares of the real estate investment trust’s stock worth $745,000 after acquiring an additional 2,737 shares during the period. Institutional investors own 97.61% of the company’s stock.

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.