CubeSmart (CUBE) Upgraded by Zacks Investment Research to “Buy”
CubeSmart (NYSE:CUBE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $30.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 13.46% from the company’s previous close.
According to Zacks, “CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States. Its self storage facilities are designed to offer storage space for residential and commercial customers. CubeSmart, formally known as U-Store-It Trust, is based in Wayne, Pennsylvania. “
Other equities research analysts also recently issued research reports about the company. Evercore ISI raised CubeSmart from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a report on Monday, August 8th. Jefferies Group reissued a “buy” rating on shares of CubeSmart in a report on Monday, August 1st. FBR & Co set a $35.00 price target on CubeSmart and gave the stock a “buy” rating in a report on Sunday, September 18th. Cantor Fitzgerald reissued a “buy” rating on shares of CubeSmart in a report on Friday, August 26th. Finally, SunTrust Banks Inc. downgraded CubeSmart from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $37.00 to $33.00 in a report on Monday, July 25th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $33.55.
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CubeSmart (NYSE:CUBE) traded up 1.97% during midday trading on Wednesday, reaching $26.44. 1,634,364 shares of the company traded hands. The stock has a market capitalization of $4.74 billion, a P/E ratio of 53.63 and a beta of 0.47. CubeSmart has a 1-year low of $25.40 and a 1-year high of $33.52. The firm has a 50-day moving average of $27.20 and a 200-day moving average of $29.83.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. The business earned $126.53 million during the quarter, compared to the consensus estimate of $124.94 million. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. The company’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned $0.31 earnings per share. On average, analysts predict that CubeSmart will post $1.41 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Thursday, September 29th. CubeSmart’s payout ratio is presently 171.43%.
In other CubeSmart news, Director William M. Diefenderfer III sold 2,961 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $27.25, for a total value of $80,687.25. Following the completion of the transaction, the director now directly owns 128,486 shares of the company’s stock, valued at $3,501,243.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.13% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. acquired a new stake in CubeSmart during the second quarter worth approximately $103,000. PNC Financial Services Group Inc. boosted its stake in CubeSmart by 13.1% in the second quarter. PNC Financial Services Group Inc. now owns 5,018 shares of the company’s stock worth $155,000 after buying an additional 581 shares during the period. Neuberger Berman Group LLC boosted its stake in CubeSmart by 5.0% in the second quarter. Neuberger Berman Group LLC now owns 6,770 shares of the company’s stock worth $209,000 after buying an additional 324 shares during the period. Ausdal Financial Partners Inc. acquired a new stake in CubeSmart during the second quarter worth approximately $255,000. Finally, Pacad Investment Ltd. acquired a new stake in CubeSmart during the first quarter worth approximately $263,000.
CubeSmart operates as a self-managed and self-administered real estate investment trust (REIT). The Company’s operations are conducted solely through CubeSmart, L.P. (the Operating Partnership) and its subsidiaries. The Company is focused primarily on the ownership, operation, management, acquisition and development of self-storage facilities in the United States.
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