CubeSmart (NYSE:CUBE) Receives $47.00 Consensus Price Target from Analysts

CubeSmart (NYSE:CUBE) has been assigned an average recommendation of “Hold” from the fourteen brokerages that are covering the company, MarketBeat.com reports. Nine research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $46.93.

CUBE has been the subject of several research analyst reports. Bank of America raised CubeSmart from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $50.00 in a research note on Tuesday. Wells Fargo & Company dropped their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Scotiabank lifted their price objective on CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Monday, May 12th. Finally, Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and dropped their price objective for the company from $50.00 to $47.00 in a research note on Friday, January 17th.

Institutional Investors Weigh In On CubeSmart

Hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its stake in CubeSmart by 19.7% during the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock worth $3,021,000 after purchasing an additional 11,608 shares during the last quarter. Norges Bank purchased a new position in shares of CubeSmart in the fourth quarter worth about $408,064,000. Raymond James Financial Inc. bought a new stake in shares of CubeSmart in the 4th quarter valued at about $21,278,000. Oak Thistle LLC lifted its stake in shares of CubeSmart by 232.9% in the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after acquiring an additional 22,582 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in shares of CubeSmart by 19.2% in the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock valued at $4,654,000 after acquiring an additional 17,518 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

CubeSmart stock opened at $43.67 on Wednesday. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The business has a fifty day moving average price of $40.62 and a 200-day moving average price of $42.98. 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 firm has a market capitalization of $9.96 billion, a P/E ratio of 24.67, a PEG ratio of 11.58 and a beta of 1.00.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the company earned $0.64 earnings per share. As a group, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.76%. The ex-dividend date was Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is currently 123.08%.

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.