CubeSmart (NYSE:CUBE) Price Target Increased to $62.00 by Analysts at Jefferies Financial Group

CubeSmart (NYSE:CUBE) had its price target increased by research analysts at Jefferies Financial Group from $53.00 to $62.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Jefferies Financial Group’s target price suggests a potential upside of 13.66% from the stock’s current price.

A number of other equities analysts have also commented on CUBE. BMO Capital Markets lowered 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 report on Wednesday, May 29th. Evercore ISI lifted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday. Wells Fargo & Company lifted their price target on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Barclays boosted their target price on shares of CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Finally, Royal Bank of Canada began coverage on shares of CubeSmart in a report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 target price on the stock. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $50.50.

CubeSmart Price Performance

Shares of NYSE CUBE traded up $0.50 during midday trading on Wednesday, reaching $54.55. 873,009 shares of the company were exchanged, compared to its average volume of 1,336,229. The stock’s 50-day moving average price is $49.40 and its 200-day moving average price is $45.54. The stock has a market cap of $12.28 billion, a P/E ratio of 30.26, a PEG ratio of 9.98 and a beta of 0.82. CubeSmart has a one year low of $33.17 and a one year high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

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

Insider Transactions at CubeSmart

In other news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the transaction, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a legal 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 the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the sale, the insider now owns 182,460 shares in the company, valued at approximately $8,630,358. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the company’s 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 completion of the sale, the chief operating officer now owns 87,663 shares in the company, valued at approximately $4,205,194.11. 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 90 days. 1.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CubeSmart

Institutional investors and hedge funds have recently made changes to their positions in the business. Twin Tree Management LP increased its stake in CubeSmart by 29,720.5% in the 1st quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock valued at $526,000 after buying an additional 11,591 shares during the last quarter. Evoke Wealth LLC purchased a new stake in CubeSmart in the 4th quarter valued at about $1,604,000. Tidal Investments LLC increased its stake in CubeSmart by 32.6% in the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock valued at $4,040,000 after buying an additional 21,967 shares during the last quarter. Boston Trust Walden Corp increased its stake in CubeSmart by 2.7% in the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock valued at $39,947,000 after buying an additional 23,179 shares during the last quarter. Finally, PGGM Investments increased its stake in CubeSmart by 7.3% in the 2nd quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock valued at $39,242,000 after buying an additional 59,020 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

About CubeSmart

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.