CubeSmart (NYSE:CUBE) Now Covered by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of CubeSmart (NYSE:CUBE) in a research report sent to investors on Tuesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $56.00 price target on the real estate investment trust’s stock.

Several other equities analysts also recently commented on the company. Evercore ISI increased their price target on CubeSmart from $51.00 to $52.00 and gave the company an in-line rating in a report on Wednesday, August 28th. Scotiabank initiated coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a sector outperform rating and a $53.00 target price on the stock. Wells Fargo & Company boosted their target price on shares of CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. Barclays raised their price target on CubeSmart from $48.00 to $55.00 and gave the company an equal weight rating in a research report on Thursday, August 22nd. Finally, Truist Financial boosted their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a hold rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $49.33.

CubeSmart Stock Up 3.0 %

CUBE stock opened at $53.52 on Tuesday. 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 has a market cap of $12.05 billion, a PE ratio of 29.73, a PEG ratio of 9.48 and a beta of 0.82. CubeSmart has a 1 year low of $33.17 and a 1 year high of $53.80. The company has a fifty day simple moving average of $48.64 and a 200 day simple moving average of $45.24.

CubeSmart (NYSE:CUBE) last announced its quarterly 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 during the quarter, compared to analyst estimates 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 prior year, the firm earned $0.66 EPS. Sell-side analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is presently 113.33%.

Insider Activity

In related news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,217 shares of company stock worth $4,244,344. Company insiders own 1.68% of the company’s stock.

Institutional Trading of CubeSmart

Large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings in shares of CubeSmart by 348.9% in the 4th quarter. Victory Capital Management Inc. now owns 177,810 shares of the real estate investment trust’s stock worth $8,241,000 after purchasing an additional 138,202 shares during the last quarter. BNP Paribas Financial Markets grew its stake in CubeSmart by 171.9% during the fourth quarter. BNP Paribas Financial Markets now owns 130,955 shares of the real estate investment trust’s stock worth $6,070,000 after buying an additional 82,794 shares during the last quarter. QRG Capital Management Inc. increased its holdings 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of CubeSmart by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,230,215 shares of the real estate investment trust’s stock valued at $149,726,000 after acquiring an additional 22,105 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in shares of CubeSmart by 6.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 13,729 shares of the real estate investment trust’s stock worth $636,000 after acquiring an additional 817 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

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.