Mizuho Issues Positive Forecast for CubeSmart (NYSE:CUBE) Stock Price

CubeSmart (NYSE:CUBE) had its price target lifted by analysts at Mizuho from $39.00 to $43.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Mizuho’s price target would suggest a potential upside of 2.65% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Scotiabank boosted their price objective on shares of CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Monday, May 12th. Wolfe Research started coverage on shares of CubeSmart in a research report on Monday, May 19th. They set an “outperform” rating and a $48.00 target price for the company. Evercore ISI increased their price objective 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. Barclays reduced their target price on shares of CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Friday, May 16th. Finally, KeyCorp raised 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 note on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $47.33.

CubeSmart Trading Up 0.0%

NYSE:CUBE traded up $0.01 during trading hours on Wednesday, reaching $41.89. The company’s stock had a trading volume of 671,841 shares, compared to its average volume of 1,495,376. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 11.58 and a beta of 1.00. The firm has a 50-day simple moving average of $40.65 and a 200-day simple moving average of $42.65. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

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 analysts’ consensus estimates of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $273.04 million for the quarter, compared to analysts’ expectations of $268.16 million. During the same quarter in the previous year, the company earned $0.64 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. Research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

Institutional Investors Weigh In On CubeSmart

A number of institutional investors and hedge funds have recently made changes to their positions in CUBE. Norges Bank purchased a new stake in shares of CubeSmart in the 4th quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of CubeSmart by 28.8% in the first 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 purchasing an additional 1,937,055 shares in the last quarter. Capital World Investors grew its holdings in shares of CubeSmart by 184.5% in the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust’s stock valued at $126,161,000 after purchasing an additional 1,909,496 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in shares of CubeSmart by 219.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust’s stock valued at $110,323,000 after purchasing an additional 1,768,626 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of CubeSmart by 129.6% in the first quarter. Millennium Management LLC now owns 2,261,419 shares of the real estate investment trust’s stock valued at $96,585,000 after purchasing an additional 1,276,340 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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.