CubeSmart (NYSE:CUBE) Rating Lowered to “Sector Perform” at Scotiabank

CubeSmart (NYSE:CUBE) was downgraded by Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. They presently have a $46.00 target price on the real estate investment trust’s stock. Scotiabank’s price objective would indicate a potential upside of 10.14% from the stock’s current price.

CUBE has been the topic of a number of other research reports. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and dropped their target price for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Wells Fargo & Company decreased their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Barclays lowered their target price on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a report on Friday, January 10th. Eight analysts have rated the stock with a hold rating and three have assigned 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 $48.18.

CubeSmart Stock Performance

Shares of CUBE stock opened at $41.76 on Wednesday. The business has a fifty day moving average of $41.81 and a 200 day moving average of $46.92. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 11.58 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. As a group, research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

Institutional Trading of CubeSmart

Hedge funds have recently made changes to their positions in the business. Howard Capital Management Group LLC purchased a new stake in CubeSmart during the 3rd quarter worth approximately $212,000. First Trust Direct Indexing L.P. purchased a new stake in CubeSmart during the 3rd quarter worth approximately $204,000. Stephens Inc. AR purchased a new position in CubeSmart in the third quarter valued at $226,000. Harbor Capital Advisors Inc. boosted its holdings in CubeSmart by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock valued at $1,777,000 after purchasing an additional 18,475 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in CubeSmart by 12.3% in the third quarter. Van ECK Associates Corp now owns 94,950 shares of the real estate investment trust’s stock valued at $4,681,000 after purchasing an additional 10,363 shares during the period. Institutional investors and hedge funds 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.