Analysts Set CubeSmart (NYSE:CUBE) Target Price at $48.73

Shares of CubeSmart (NYSE:CUBE) have received an average rating of “Hold” from the eleven analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $49.27.

A number of brokerages recently commented on CUBE. BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Truist Financial increased their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Evercore ISI increased their target price on CubeSmart from $51.00 to $52.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Royal Bank of Canada started coverage on CubeSmart in a report on Tuesday. They set an “outperform” rating and a $56.00 target price on the stock. Finally, Wells Fargo & Company increased their target price on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th.

CubeSmart Trading Up 1.2 %

Shares of CUBE opened at $53.92 on Friday. The company has a market capitalization of $12.14 billion, a P/E ratio of 29.96, a P/E/G ratio of 9.75 and a beta of 0.82. CubeSmart has a one year low of $33.17 and a one year high of $54.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The stock has a 50-day moving average price of $49.01 and a 200 day moving average price of $45.35.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The business had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 EPS. Sell-side analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is 113.33%.

Insider Transactions at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the sale, the chief operating officer now owns 87,663 shares in the company, valued at $4,205,194.11. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by company insiders.

Institutional Trading of CubeSmart

Several large investors have recently added to or reduced their stakes in the business. Quarry LP increased its position in CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 757 shares during the period. Sunbelt Securities Inc. boosted its stake in CubeSmart by 38.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 2,585 shares of the real estate investment trust’s stock valued at $117,000 after purchasing an additional 712 shares in the last quarter. Creative Planning boosted its stake in CubeSmart by 9.1% during the 2nd quarter. Creative Planning now owns 16,028 shares of the real estate investment trust’s stock valued at $724,000 after purchasing an additional 1,340 shares in the last quarter. Algert Global LLC boosted its stake in CubeSmart by 93.1% during the 2nd quarter. Algert Global LLC now owns 46,981 shares of the real estate investment trust’s stock valued at $2,122,000 after purchasing an additional 22,651 shares in the last quarter. Finally, Liberty Mutual Group Asset Management Inc. bought a new position in CubeSmart during the 2nd quarter valued at $2,682,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

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.