CubeSmart (NYSE:CUBE) Sets New 12-Month High on Analyst Upgrade

CubeSmart (NYSE:CUBE) shares reached a new 52-week high during mid-day trading on Monday after Evercore ISI raised their price target on the stock from $52.00 to $53.00. Evercore ISI currently has an in-line rating on the stock. CubeSmart traded as high as $54.62 and last traded at $54.38, with a volume of 98841 shares traded. The stock had previously closed at $54.00.

Other research analysts also recently issued research reports about the company. Scotiabank began coverage on CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. Truist Financial lifted their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Royal Bank of Canada began coverage on shares of CubeSmart in a report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 target price on the stock. BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Finally, UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the company from $53.00 to $54.00 in a research report on Friday. One 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $49.75.

Insider Transactions at CubeSmart

In other news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the sale, the insider now directly owns 182,460 shares in the company, valued at $8,630,358. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were 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 disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock valued at $4,244,344 in the last ninety days. Corporate insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On CubeSmart

A number of institutional investors have recently bought and sold shares of CUBE. BNP Paribas Financial Markets grew its stake in CubeSmart by 171.9% in the 4th quarter. BNP Paribas Financial Markets now owns 130,955 shares of the real estate investment trust’s stock valued at $6,070,000 after acquiring an additional 82,794 shares during the period. QRG Capital Management Inc. increased its stake in shares of CubeSmart by 9.8% during the fourth quarter. QRG Capital Management Inc. now owns 6,767 shares of the real estate investment trust’s stock worth $314,000 after buying an additional 602 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in CubeSmart by 6.3% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,729 shares of the real estate investment trust’s stock valued at $636,000 after buying an additional 817 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of CubeSmart by 233.4% during the 4th quarter. Panagora Asset Management Inc. now owns 21,673 shares of the real estate investment trust’s stock worth $1,005,000 after buying an additional 15,173 shares during the last quarter. Finally, Level Four Advisory Services LLC acquired a new stake in shares of CubeSmart in the 4th quarter valued at about $255,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Price Performance

The company has a market capitalization of $12.27 billion, a PE ratio of 30.25, a P/E/G ratio of 9.86 and a beta of 0.82. 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 company’s 50-day simple moving average is $49.20 and its 200-day simple moving average is $45.47.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. During the same period last year, the firm earned $0.66 EPS. CubeSmart’s revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 dividend on an annualized basis and a yield of 3.74%. CubeSmart’s payout ratio is 113.33%.

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.