CubeSmart (NYSE:CUBE) Now Covered by Analysts at Wolfe Research

Investment analysts at Wolfe Research initiated coverage on shares of CubeSmart (NYSE:CUBE) in a research note issued on Monday. The brokerage set an “outperform” rating and a $48.00 price target on the real estate investment trust’s stock. Wolfe Research’s price objective points to a potential upside of 10.24% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Evercore ISI increased their price objective on CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Mizuho assumed coverage on shares of CubeSmart in a report on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 target price for the company. Scotiabank lifted their price objective on shares of CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Monday, May 12th. Finally, Barclays dropped their target price on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $47.07.

CubeSmart Stock Down 0.3%

Shares of NYSE:CUBE traded down $0.14 during trading on Monday, hitting $43.54. 225,474 shares of the company were exchanged, compared to its average volume of 1,476,864. The firm’s 50 day moving average price is $40.62 and its 200-day moving average price is $42.91. CubeSmart has a 12-month low of $34.24 and a 12-month 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 stock has a market capitalization of $9.93 billion, a P/E ratio of 24.61, a PEG ratio of 11.58 and a beta of 1.00.

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

Hedge Funds Weigh In On CubeSmart

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of 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 in the last quarter. Norges Bank acquired a new position in CubeSmart in the 4th quarter worth $408,064,000. T. Rowe Price Investment Management Inc. boosted its position in CubeSmart by 28.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust’s stock valued at $370,049,000 after buying an additional 1,937,055 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of 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 valued at $291,922,000 after acquiring an additional 543,158 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of CubeSmart by 29.3% in 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 acquiring an additional 1,261,746 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

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.