CubeSmart (NYSE:CUBE) Given Consensus Recommendation of “Hold” by Brokerages

CubeSmart (NYSE:CUBE) has been assigned an average rating of “Hold” from the eleven analysts that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $46.00.

A number of brokerages recently issued reports on CUBE. Barclays started coverage on CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price target for the company. Wells Fargo & Company lifted their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Raymond James restated an “outperform” rating and issued a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Evercore ISI boosted their target price on CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, March 4th. Finally, BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th.

Institutional Trading of CubeSmart

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in CubeSmart by 0.9% in the first quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock valued at $1,443,316,000 after purchasing an additional 274,493 shares during the period. Norges Bank acquired a new stake in shares of CubeSmart in the 4th quarter valued at approximately $444,818,000. Price T Rowe Associates Inc. MD boosted its stake in shares of CubeSmart by 26.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after buying an additional 1,205,097 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in CubeSmart by 0.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,850,149 shares of the real estate investment trust’s stock worth $174,104,000 after acquiring an additional 11,233 shares during the period. Finally, Truist Financial Corp raised its position in CubeSmart by 14.5% in the fourth quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust’s stock worth $162,975,000 after acquiring an additional 445,228 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

Shares of CUBE opened at $45.17 on Friday. The firm has a market capitalization of $10.16 billion, a price-to-earnings ratio of 25.09, a PEG ratio of 5.49 and a beta of 0.77. The firm’s fifty day simple moving average is $42.90 and its 200-day simple moving average is $43.94. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). The business had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 earnings per share. Equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be paid a $0.51 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.04 annualized dividend and a yield of 4.52%. CubeSmart’s dividend payout ratio is currently 113.33%.

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.