CubeSmart (NYSE:CUBE) Rating Increased to Outperform at BMO Capital Markets

CubeSmart (NYSE:CUBEGet Free Report) was upgraded by research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a $49.00 price target on the real estate investment trust’s stock, up from their prior price target of $48.00. BMO Capital Markets’ target price points to a potential upside of 15.66% from the stock’s previous close.

CUBE has been the subject of several other reports. Truist Financial raised their price objective on CubeSmart from $47.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, May 19th. Royal Bank Of Canada decreased their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Barclays decreased their price target on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. Wells Fargo & Company decreased their price target 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. Finally, Bank of America raised CubeSmart from a “neutral” rating to a “buy” rating and raised their price target for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $47.47.

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CubeSmart Price Performance

NYSE:CUBE opened at $42.37 on Friday. The firm has a market capitalization of $9.66 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 7.79 and a beta of 0.98. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The business has a 50 day simple moving average of $41.76 and a 200-day simple moving average of $41.91. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.07 and a quick ratio of 0.07.

CubeSmart (NYSE:CUBEGet Free Report) last posted its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. CubeSmart had a return on equity of 13.57% and a net margin of 37.05%. The company’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 EPS. Equities analysts forecast that CubeSmart will post 2.64 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of CubeSmart by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock worth $1,350,080,000 after acquiring an additional 85,609 shares in the last quarter. Norges Bank purchased a new position in CubeSmart during the 4th quarter worth $408,064,000. T. Rowe Price Investment Management Inc. grew its stake in CubeSmart by 28.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust’s stock worth $370,049,000 after buying an additional 1,937,055 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in CubeSmart by 8.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,834,955 shares of the real estate investment trust’s stock worth $291,922,000 after buying an additional 543,158 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in CubeSmart by 29.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust’s stock worth $237,519,000 after buying an additional 1,261,746 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for CubeSmart (NYSE:CUBE)

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