Wells Fargo & Company Issues Pessimistic Forecast for CubeSmart (NYSE:CUBE) Stock Price

CubeSmart (NYSE:CUBE) had its target price lowered by stock analysts at Wells Fargo & Company from $50.00 to $44.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 5.20% from the stock’s previous close.

Several other brokerages have also commented on CUBE. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and dropped their price target for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and dropped their price target for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Barclays dropped their price target on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Scotiabank dropped their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Finally, Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price target for the company from $50.00 to $47.00 in a research note on Friday, January 17th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, CubeSmart currently has an average rating of “Hold” and a consensus target price of $49.18.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $41.82 on Friday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm’s 50-day moving average price is $42.01 and its two-hundred day moving average price is $47.23. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The stock 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.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its position in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 673 shares during the last quarter. Blue Trust Inc. grew its position in CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 289 shares during the last quarter. Jones Financial Companies Lllp grew its position 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 buying an additional 389 shares during the last quarter. SRS Capital Advisors Inc. grew its position in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 559 shares during the last quarter. Finally, Peterson Financial Group Inc. acquired a new position in CubeSmart in the third quarter worth approximately $33,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

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.