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 note issued to investors on Wednesday. The firm currently has a $30.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 13.46% from the company’s current price.
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. “
A number of other brokerages have also weighed in on CUBE. Cantor Fitzgerald reaffirmed a “buy” rating on shares of CubeSmart in a research report on Friday, August 26th. Jefferies Group decreased their target price on CubeSmart from $39.00 to $37.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. DA Davidson started coverage on CubeSmart in a research report on Friday, June 24th. They set a “neutral” rating and a $35.00 target price for the company. Evercore ISI raised CubeSmart from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Monday, August 8th. Finally, FBR & Co started coverage on CubeSmart in a research report on Thursday, June 23rd. They set an “outperform” rating and a $35.00 target price for the company. 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 company has a consensus rating of “Buy” and a consensus target price of $33.55.
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Shares of CubeSmart (NYSE:CUBE) traded up 1.97% during mid-day trading on Wednesday, reaching $26.44. The company’s stock had a trading volume of 1,634,364 shares. The company has a 50-day moving average price of $27.20 and a 200 day moving average price of $29.83. CubeSmart has a 52-week low of $25.40 and a 52-week high of $33.52. The company has a market cap of $4.74 billion, a PE ratio of 53.63 and a beta of 0.47.
CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, July 28th. The company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. The business earned $126.53 million during the quarter, compared to analyst estimates of $124.94 million. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. CubeSmart’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. Equities analysts expect 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. Stockholders of record on Monday, October 3rd will be issued a $0.21 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.18%. CubeSmart’s dividend payout ratio is presently 171.43%.
In other news, Director William M. Diefenderfer III sold 2,961 shares of CubeSmart stock in a transaction 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 transaction, the director now directly owns 128,486 shares in the company, valued at approximately $3,501,243.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.13% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CUBE. Vanguard Group Inc. increased its position in shares of CubeSmart by 2.7% in the second quarter. Vanguard Group Inc. now owns 26,306,322 shares of the company’s stock valued at $812,340,000 after buying an additional 684,804 shares during the period. Lasalle Investment Management Securities LLC increased its position in shares of CubeSmart by 31.2% in the second quarter. Lasalle Investment Management Securities LLC now owns 9,657,551 shares of the company’s stock valued at $298,225,000 after buying an additional 2,296,747 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of CubeSmart by 3.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,491,886 shares of the company’s stock valued at $216,180,000 after buying an additional 240,867 shares during the period. Cbre Clarion Securities LLC increased its position in shares of CubeSmart by 13.2% in the second quarter. Cbre Clarion Securities LLC now owns 6,484,347 shares of the company’s stock valued at $200,237,000 after buying an additional 753,661 shares during the period. Finally, State Street Corp increased its position in shares of CubeSmart by 5.0% in the first quarter. State Street Corp now owns 6,118,594 shares of the company’s stock valued at $203,754,000 after buying an additional 291,230 shares during the period.
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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