CubeSmart (NYSE:CUBE) Given New $44.00 Price Target at Wells Fargo & Company

CubeSmart (NYSE:CUBE) had its price objective lowered by Wells Fargo & Company from $50.00 to $44.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

CUBE has been the subject of a number of other reports. Scotiabank dropped their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Barclays decreased their price objective on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada dropped their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and decreased their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $49.18.

CubeSmart Price Performance

NYSE:CUBE opened at $41.82 on Friday. The company has a market capitalization of $9.46 billion, a P/E ratio of 23.63, a P/E/G ratio of 11.58 and a beta of 0.87. The business’s 50-day moving average is $42.01 and its 200 day moving average is $47.23. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14.

CubeSmart Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.97%. This is an increase from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s dividend payout ratio (DPR) is 117.51%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CUBE. Versant Capital Management Inc boosted its position in CubeSmart by 9,614.3% in the 4th quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 673 shares during the period. Blue Trust Inc. boosted its holdings in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 289 shares during the period. Jones Financial Companies Lllp grew its stake in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 389 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in CubeSmart by 310.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 559 shares during the period. Finally, Peterson Financial Group Inc. bought a new stake in CubeSmart during the 3rd quarter valued at $33,000. 97.61% of the stock is currently owned by institutional investors.

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.