CubeSmart (NYSE:CUBE) Rating Lowered to Underperform at Bank of America Corporation
CubeSmart (NYSE:CUBE) was downgraded by equities research analysts at Bank of America Corporation from a “neutral” rating to an “underperform” rating in a note issued to investors on Thursday, The Fly reports.
Other research analysts also recently issued research reports about the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of CubeSmart in a research note on Tuesday, April 18th. Zacks Investment Research downgraded CubeSmart from a “hold” rating to a “sell” rating in a research note on Tuesday, April 11th. BMO Capital Markets set a $29.00 price objective on CubeSmart and gave the company a “buy” rating in a research note on Wednesday, March 22nd. Cantor Fitzgerald decreased their target price on shares of CubeSmart from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Monday, May 22nd. Finally, Citigroup Inc. reissued a “neutral” rating and set a $27.00 target price (down previously from $29.00) on shares of CubeSmart in a research report on Thursday, May 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. CubeSmart has a consensus rating of “Hold” and an average target price of $29.90.
Shares of CubeSmart (NYSE CUBE) opened at 24.51 on Thursday. CubeSmart has a 12 month low of $22.83 and a 12 month high of $31.01. The firm has a market cap of $4.42 billion, a PE ratio of 48.44 and a beta of 0.18. The company’s 50 day moving average is $24.09 and its 200-day moving average is $25.61.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $0.36 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. CubeSmart had a net margin of 18.53% and a return on equity of 5.80%. The business had revenue of $133 million during the quarter, compared to analysts’ expectations of $133.30 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. CubeSmart’s revenue was up 11.9% compared to the same quarter last year. Equities research analysts predict that CubeSmart will post $0.67 EPS for the current year.
ILLEGAL ACTIVITY NOTICE: “CubeSmart (NYSE:CUBE) Rating Lowered to Underperform at Bank of America Corporation” was published by American Banking News and is owned by of American Banking News. If you are reading this story on another domain, it was copied illegally and republished in violation of United States & international trademark & copyright legislation. The legal version of this story can be accessed at https://www.americanbankingnews.com/2017/07/20/cubesmart-nysecube-rating-lowered-to-underperform-at-bank-of-america-corporation.html.
Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its position in shares of CubeSmart by 31.9% in the first quarter. PNC Financial Services Group Inc. now owns 5,400 shares of the real estate investment trust’s stock valued at $140,000 after buying an additional 1,306 shares during the period. Salem Investment Counselors Inc. bought a new position in shares of CubeSmart during the first quarter valued at $149,000. Neuberger Berman Group LLC bought a new position in shares of CubeSmart during the first quarter valued at $222,000. Fort Washington Investment Advisors Inc. OH bought a new position in shares of CubeSmart during the first quarter valued at $270,000. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of CubeSmart by 42.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 12,541 shares of the real estate investment trust’s stock valued at $326,000 after buying an additional 3,710 shares during the period.
CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.
Receive News & Ratings for CubeSmart Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CubeSmart and related companies with MarketBeat.com's FREE daily email newsletter.