CubeSmart (NYSE:CUBE) Price Target Raised to $53.00 at Evercore ISI

CubeSmart (NYSE:CUBE) had its target price increased by Evercore ISI from $52.00 to $53.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

A number of other brokerages have also recently commented on CUBE. UBS Group cut CubeSmart from a buy rating to a neutral rating and upped their price target for the company from $53.00 to $54.00 in a research report on Friday. Scotiabank began coverage on CubeSmart in a report on Thursday, August 22nd. They set a sector outperform rating and a $53.00 price objective on the stock. Truist Financial increased their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a hold rating in a report on Friday, August 16th. BMO Capital Markets cut CubeSmart from an outperform rating to a market perform rating and dropped their price objective for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Finally, Barclays increased their price objective on CubeSmart from $48.00 to $55.00 and gave the stock an equal weight rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart has a consensus rating of Hold and an average price target of $49.75.

CubeSmart Stock Up 1.0 %

Shares of NYSE CUBE opened at $54.56 on Monday. CubeSmart has a one year low of $33.17 and a one year high of $54.64. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The business’s fifty day moving average price is $49.40 and its 200-day moving average price is $45.54. The stock has a market capitalization of $12.29 billion, a PE ratio of 30.31, a P/E/G ratio of 9.86 and a beta of 0.82.

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). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. During the same period in the prior year, the company earned $0.66 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. On average, equities research analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 3.74%. CubeSmart’s payout ratio is currently 113.33%.

Insider Activity

In other news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction dated 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 transaction, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the chief executive officer now owns 576,836 shares in the company, valued at $27,947,704.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CubeSmart

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP grew its position in CubeSmart by 195.6% during 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 during the last quarter. Sunbelt Securities Inc. grew its position 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 worth $117,000 after acquiring an additional 712 shares during the last quarter. Creative Planning grew its position in CubeSmart by 9.1% during the 2nd quarter. Creative Planning now owns 16,028 shares of the real estate investment trust’s stock worth $724,000 after acquiring an additional 1,340 shares during the last quarter. Algert Global LLC grew its position 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 worth $2,122,000 after acquiring an additional 22,651 shares during the last quarter. Finally, Liberty Mutual Group Asset Management Inc. bought a new position in CubeSmart during the 2nd quarter worth approximately $2,682,000. 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.