CubeSmart (NYSE:CUBE) Receives $50.50 Average PT from Analysts

Shares of CubeSmart (NYSE:CUBE) have been given a consensus recommendation of “Hold” by the twelve analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $50.50.

A number of brokerages have recently commented on CUBE. Scotiabank began coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective for the company. Royal Bank of Canada began coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective for the company. Truist Financial upped their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Jefferies Financial Group upped their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company upped their target price on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th.

Insiders Place Their Bets

In other CubeSmart 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 transaction of $366,054.70. Following the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Christopher P. Marr sold 37,000 shares of the company’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 transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’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 transaction of $366,054.70. Following the transaction, the insider now owns 182,460 shares in the company, valued at $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 valued at $4,244,344. 1.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CubeSmart

A number of large investors have recently modified their holdings of the stock. Quarry LP lifted its position in shares of CubeSmart by 195.6% during the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 757 shares in the last quarter. Sunbelt Securities Inc. lifted its holdings in CubeSmart by 38.0% in the second quarter. Sunbelt Securities Inc. now owns 2,585 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 712 shares during the period. Creative Planning lifted its holdings in CubeSmart by 9.1% in the second quarter. Creative Planning now owns 16,028 shares of the real estate investment trust’s stock valued at $724,000 after buying an additional 1,340 shares during the period. Algert Global LLC lifted its holdings in CubeSmart by 93.1% in the second quarter. Algert Global LLC now owns 46,981 shares of the real estate investment trust’s stock valued at $2,122,000 after buying an additional 22,651 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. acquired a new position in CubeSmart in the second quarter valued at approximately $2,682,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Down 0.6 %

CubeSmart stock opened at $52.07 on Tuesday. The firm has a market cap of $11.71 billion, a price-to-earnings ratio of 28.92, a P/E/G ratio of 9.73 and a beta of 0.82. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $55.14. The firm has a fifty day moving average price of $50.93 and a two-hundred day moving average price of $46.30.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 EPS 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 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 prior year, the company posted $0.66 EPS. As a group, analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a yield of 3.92%. CubeSmart’s dividend payout ratio is 113.33%.

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.