Barclays Lowers CubeSmart (NYSE:CUBE) Price Target to $54.00

CubeSmart (NYSE:CUBE) had its price target lowered by Barclays from $55.00 to $54.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

A number of other research firms have also issued reports on CUBE. Jefferies Financial Group lifted their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Evercore ISI boosted their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Scotiabank initiated coverage on CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 target price for the company. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Finally, Wells Fargo & Company raised their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $51.73.

CubeSmart Stock Performance

NYSE:CUBE opened at $47.80 on Monday. CubeSmart has a twelve month low of $33.32 and a twelve month high of $55.14. The firm has a market capitalization of $10.76 billion, a price-to-earnings ratio of 26.88, a PEG ratio of 8.81 and a beta of 0.82. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm’s fifty day simple moving average is $51.50 and its 200 day simple moving average is $47.04.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. CubeSmart’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.66 EPS. As a group, equities research analysts expect that CubeSmart will post 2.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares in the company, valued at $27,947,704.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related 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 sale, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock worth $4,244,344 over the last ninety days. 1.68% of the stock is owned by insiders.

Hedge Funds Weigh In On CubeSmart

Hedge funds and other institutional investors have recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of CubeSmart in the first quarter valued at approximately $270,000. State of Michigan Retirement System raised its stake in CubeSmart by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 55,200 shares of the real estate investment trust’s stock valued at $2,496,000 after acquiring an additional 1,300 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its position in CubeSmart by 5.5% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 16,909 shares of the real estate investment trust’s stock worth $765,000 after acquiring an additional 875 shares during the period. Albion Financial Group UT grew its stake in shares of CubeSmart by 2.5% in the first quarter. Albion Financial Group UT now owns 81,528 shares of the real estate investment trust’s stock worth $3,687,000 after purchasing an additional 2,020 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in shares of CubeSmart by 0.4% during the first quarter. State of Alaska Department of Revenue now owns 131,085 shares of the real estate investment trust’s stock valued at $5,926,000 after purchasing an additional 491 shares during the period. 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.