CubeSmart (NYSE:CUBE) Upgraded at Bank of America

Bank of America upgraded shares of CubeSmart (NYSE:CUBE – Get Rating) from a neutral rating to a buy rating in a research report released on Tuesday, Marketbeat.com reports.

Other equities research analysts have also recently issued reports about the company. Evercore ISI set a $58.00 price target on CubeSmart in a research note on Monday. Raymond James raised CubeSmart from an outperform rating to a strong-buy rating and cut their price objective for the company from $60.00 to $52.00 in a report on Monday, May 23rd. Truist Financial cut their price objective on CubeSmart from $55.00 to $48.00 and set a na rating on the stock in a report on Monday, May 16th. JPMorgan Chase & Co. increased their price objective on CubeSmart from $57.00 to $58.00 and gave the company a neutral rating in a report on Monday, April 4th. Finally, StockNews.com raised CubeSmart from a sell rating to a hold rating in a report on Thursday, May 5th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $53.17.

CubeSmart stock opened at $41.89 on Tuesday. The stock has a 50-day moving average of $44.84 and a two-hundred day moving average of $49.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.05 and a current ratio of 0.05. CubeSmart has a one year low of $38.67 and a one year high of $57.34. The stock has a market cap of $9.40 billion, a PE ratio of 39.90, a price-to-earnings-growth ratio of 2.24 and a beta of 0.49.

CubeSmart (NYSE:CUBE – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The real estate investment trust reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.40). CubeSmart had a net margin of 26.65% and a return on equity of 10.78%. The business had revenue of $238.57 million during the quarter, compared to analysts’ expectations of $240.13 million. During the same quarter last year, the business posted $0.47 earnings per share. The company’s quarterly revenue was up 26.3% compared to the same quarter last year. As a group, sell-side analysts predict that CubeSmart will post 2.43 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, July 1st will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Thursday, June 30th. CubeSmart’s dividend payout ratio (DPR) is 163.81%.

Institutional investors have recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. grew its holdings in CubeSmart by 19.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 192,747 shares of the real estate investment trust’s stock worth $10,969,000 after acquiring an additional 30,847 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in CubeSmart during the fourth quarter worth about $15,677,000. UBS Asset Management Americas Inc. grew its holdings in CubeSmart by 5.2% during the third quarter. UBS Asset Management Americas Inc. now owns 1,244,163 shares of the real estate investment trust’s stock worth $60,280,000 after acquiring an additional 61,475 shares during the period. LPL Financial LLC grew its holdings in CubeSmart by 63.9% during the third quarter. LPL Financial LLC now owns 43,950 shares of the real estate investment trust’s stock worth $2,129,000 after acquiring an additional 17,143 shares during the period. Finally, TD Asset Management Inc. grew its holdings in CubeSmart by 122.4% in the fourth quarter. TD Asset Management Inc. now owns 103,184 shares of the real estate investment trust’s stock valued at $5,872,000 after purchasing an additional 56,797 shares during the period. 95.92% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Company Profile (Get Rating)

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 secure storage space for residential and commercial customers. According to the 2020 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

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