CubeSmart (NYSE:CUBE) Price Target Raised to $53.00 at Evercore ISI

CubeSmart (NYSE:CUBE) had its target price lifted by Evercore ISI from $52.00 to $53.00 in a report released on Monday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

A number of other analysts have also commented on CUBE. Royal Bank of Canada began coverage on CubeSmart in a report on Tuesday, September 10th. They issued an outperform rating and a $56.00 target price for the company. Scotiabank initiated coverage on CubeSmart in a report on Thursday, August 22nd. They set a sector outperform rating and a $53.00 price target for the company. Raymond James boosted their price target on CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a report on Tuesday, July 23rd. Wells Fargo & Company boosted their price target on CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a report on Friday, July 26th. Finally, Barclays boosted their price target on CubeSmart from $48.00 to $55.00 and gave the company an equal weight rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $49.75.

CubeSmart Trading Up 1.0 %

CUBE opened at $54.56 on Monday. The stock has a market cap of $12.29 billion, a PE ratio of 30.31, a PEG ratio of 9.86 and a beta of 0.82. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The business has a 50 day moving average of $49.40 and a 200-day moving average of $45.54. CubeSmart has a 52 week low of $33.17 and a 52 week high of $54.64.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 EPS. Equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.74%. CubeSmart’s dividend payout ratio is currently 113.33%.

Insider Buying and Selling

In related news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the sale, the insider now owns 182,460 shares in the company, valued at $8,630,358. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,217 shares of company stock worth $4,244,344. Corporate insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On CubeSmart

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. purchased a new stake in CubeSmart during the first quarter valued at approximately $26,000. Whittier Trust Co. raised its position in CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the period. Rise Advisors LLC purchased a new stake in CubeSmart during the first quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC bought a new position in shares of CubeSmart during the second quarter valued at approximately $33,000. Finally, Larson Financial Group LLC bought a new position in shares of CubeSmart during the first quarter valued at approximately $45,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Company Profile

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.