CubeSmart (NYSE:CUBE) Price Target Raised to $45.00

CubeSmart (NYSE:CUBE) had its price objective hoisted by Scotiabank from $40.00 to $45.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust’s stock.

Several other brokerages have also recently weighed in on CUBE. Mizuho initiated coverage on shares of CubeSmart in a research report on Wednesday, April 9th. They set a “neutral” rating and a $39.00 price target on the stock. Royal Bank of Canada lowered their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Evercore ISI boosted their price target on shares of CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a research report on Friday, May 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 research report on Friday, January 17th. Finally, KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $47.00.

CubeSmart Price Performance

CubeSmart stock opened at $42.31 on Monday. CubeSmart has a 52-week low of $34.24 and a 52-week high of $55.14. The firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 11.58 and a beta of 1.00. The company has a fifty day simple moving average of $40.59 and a 200-day simple moving average of $43.04. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The business had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.92%. CubeSmart’s dividend payout ratio (DPR) is presently 123.08%.

Institutional Trading of CubeSmart

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in CubeSmart by 0.3% during 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 purchased a new stake in CubeSmart during the fourth quarter worth about $408,064,000. T. Rowe Price Investment Management Inc. increased its stake in CubeSmart by 28.8% during the first quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust’s stock worth $370,049,000 after purchasing an additional 1,937,055 shares during the period. Price T Rowe Associates Inc. MD increased its stake in CubeSmart by 8.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,834,955 shares of the real estate investment trust’s stock worth $291,922,000 after purchasing an additional 543,158 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in CubeSmart by 29.3% during the first quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust’s stock worth $237,519,000 after purchasing an additional 1,261,746 shares during the period. 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.