CubeSmart (NYSE:CUBE) Upgraded at Truist Financial

Truist Financial upgraded shares of CubeSmart (NYSE:CUBE) from a hold rating to a buy rating in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has $47.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $50.00.

A number of other brokerages have also recently commented on CUBE. Royal Bank of Canada decreased their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Barclays dropped their price target on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Scotiabank decreased their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Finally, Wells Fargo & Company increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $49.73.

CubeSmart Trading Down 0.2 %

Shares of CUBE opened at $41.41 on Friday. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 23.39, a PEG ratio of 11.06 and a beta of 0.87. The firm has a 50 day moving average price of $45.30 and a 200-day moving average price of $48.11. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The business had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.68 earnings per share. As a group, equities research analysts forecast that CubeSmart will post 2.63 earnings per share for the current year.

CubeSmart Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.02%. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date was Thursday, January 2nd. CubeSmart’s payout ratio is presently 117.51%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc boosted its position in shares of CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 673 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of CubeSmart by 302.0% during the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 444 shares in the last quarter. Peterson Financial Group Inc. purchased a new stake in shares of CubeSmart in the 3rd quarter worth about $33,000. Quarry LP increased its stake in shares of CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 757 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in CubeSmart during the 3rd quarter valued at about $59,000. Institutional investors own 97.61% of the company’s stock.

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.