CubeSmart (NYSE:CUBE) Given Average Rating of “Hold” by Brokerages

CubeSmart (NYSE:CUBE) has been assigned an average recommendation of “Hold” from the twelve research firms that are covering the stock, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $48.00.

A number of research analysts recently issued reports on the company. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and cut their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Barclays lowered their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Finally, Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th.

Institutional Trading of CubeSmart

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in CubeSmart by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock worth $1,350,080,000 after purchasing an additional 85,609 shares during the period. Norges Bank acquired a new stake in CubeSmart during the 4th quarter worth $408,064,000. T. Rowe Price Investment Management Inc. lifted its holdings in CubeSmart by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock worth $288,259,000 after acquiring an additional 1,464,331 shares in the last quarter. Geode Capital Management LLC grew its stake in CubeSmart by 1.1% in the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after acquiring an additional 50,340 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after acquiring an additional 352,754 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Price Performance

NYSE:CUBE opened at $42.03 on Tuesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market cap of $9.58 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 11.58 and a beta of 0.88. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The company’s 50-day moving average price is $41.88 and its two-hundred day moving average price is $45.78.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $267.54 million. On average, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.95%. CubeSmart’s payout ratio is currently 120.93%.

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.