Evercore ISI Boosts CubeSmart (NYSE:CUBE) Price Target to $53.00

CubeSmart (NYSE:CUBE) had its target price boosted by Evercore ISI from $52.00 to $53.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

A number of other equities analysts have also issued reports on CUBE. BMO Capital Markets lowered CubeSmart from an outperform rating to a market perform rating and decreased their price target for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. Wells Fargo & Company upped their price target on shares of CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a report on Friday, July 26th. Scotiabank started coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They set a sector outperform rating and a $53.00 target price for the company. Royal Bank of Canada began coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They issued an outperform rating and a $56.00 price target on the stock. Finally, UBS Group downgraded 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, September 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $50.50.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $53.99 on Monday. CubeSmart has a 12-month low of $33.17 and a 12-month high of $55.14. The company has a market cap of $12.15 billion, a PE ratio of 29.99, a P/E/G ratio of 9.98 and a beta of 0.82. The stock has a 50 day simple moving average of $49.59 and a 200-day simple moving average of $45.62. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE) last released its 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). The company had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.66 EPS. On average, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.78%. CubeSmart’s payout ratio is presently 113.33%.

Insider Buying and Selling at CubeSmart

In related news, CEO Christopher P. Marr sold 37,000 shares of the firm’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 transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Christopher P. Marr sold 37,000 shares of the company’s 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 transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. 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 CubeSmart stock in a transaction on 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 sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The disclosure for this sale can be found here. Insiders have sold a total of 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.

Hedge Funds Weigh In On CubeSmart

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. increased its stake in shares of CubeSmart by 0.8% during the 4th quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust’s stock worth $1,599,000 after purchasing an additional 266 shares during the last quarter. Covestor Ltd increased its position in CubeSmart by 11.8% during the first quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 278 shares during the last quarter. Fifth Third Bancorp raised its holdings in CubeSmart by 14.7% during the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock valued at $110,000 after buying an additional 311 shares in the last quarter. Whittier Trust Co. lifted its position in shares of CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares during the last quarter. Finally, Mirador Capital Partners LP boosted its stake in shares of CubeSmart by 2.7% during the 2nd quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock worth $706,000 after acquiring an additional 406 shares in the last quarter. Institutional investors 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.