CubeSmart (NYSE:CUBE) – Equities research analysts at SunTrust Banks dropped their FY2022 earnings per share (EPS) estimates for shares of CubeSmart in a research report issued on Wednesday, January 15th. SunTrust Banks analyst K. Kim now expects that the real estate investment trust will earn $1.91 per share for the year, down from their prior estimate of $1.92. SunTrust Banks also issued estimates for CubeSmart’s FY2023 earnings at $2.05 EPS and FY2024 earnings at $2.20 EPS.
CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, October 24th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.21). CubeSmart had a return on equity of 9.98% and a net margin of 28.58%. The business had revenue of $166.55 million for the quarter, compared to the consensus estimate of $164.01 million. During the same period in the previous year, the firm earned $0.43 earnings per share. The company’s revenue was up 8.6% compared to the same quarter last year.
Other equities analysts have also recently issued reports about the company. Raymond James raised CubeSmart from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $38.00 to $38.50 in a research report on Monday, October 21st. Bank of America lowered CubeSmart from a “neutral” rating to an “underperform” rating in a research note on Monday, January 6th. BMO Capital Markets downgraded shares of CubeSmart from a “market perform” rating to an “underperform” rating and set a $30.00 target price for the company. in a report on Tuesday, January 7th. Zacks Investment Research raised shares of CubeSmart from a “sell” rating to a “hold” rating in a research report on Friday, January 10th. Finally, Cfra cut shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $33.58.
Shares of NYSE:CUBE traded up $0.08 during trading on Friday, reaching $31.59. 41,727 shares of the stock traded hands, compared to its average volume of 1,914,293. The stock has a market cap of $5.99 billion, a P/E ratio of 19.24, a price-to-earnings-growth ratio of 5.32 and a beta of 0.09. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.09 and a current ratio of 0.09. The stock has a 50-day moving average of $31.06 and a two-hundred day moving average of $33.31. CubeSmart has a 52-week low of $28.72 and a 52-week high of $36.32.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its position in shares of CubeSmart by 29.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 10,366,989 shares of the real estate investment trust’s stock worth $346,672,000 after buying an additional 2,382,832 shares during the last quarter. State Street Corp boosted its stake in CubeSmart by 4.0% during the third quarter. State Street Corp now owns 8,166,076 shares of the real estate investment trust’s stock worth $287,579,000 after buying an additional 316,440 shares during the period. PGGM Investments boosted its stake in CubeSmart by 61.7% during the fourth quarter. PGGM Investments now owns 7,105,428 shares of the real estate investment trust’s stock worth $223,679,000 after buying an additional 2,710,022 shares during the period. Boston Partners purchased a new position in CubeSmart during the third quarter worth about $80,499,000. Finally, Eaton Vance Management boosted its stake in CubeSmart by 376.4% during the second quarter. Eaton Vance Management now owns 2,176,615 shares of the real estate investment trust’s stock worth $72,786,000 after buying an additional 1,719,753 shares during the period. 97.64% of the stock is owned by institutional investors and hedge funds.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd were paid a $0.33 dividend. The ex-dividend date was Tuesday, December 31st. This is a boost from CubeSmart’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a yield of 4.18%. CubeSmart’s dividend payout ratio (DPR) is 80.49%.
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 2019 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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