CubeSmart (NYSE:CUBE) Price Target Lowered to $53.00 at Royal Bank of Canada

CubeSmart (NYSE:CUBE) had its price objective lowered by analysts at Royal Bank of Canada from $56.00 to $53.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 7.96% from the company’s current price.

Several other research analysts also recently issued reports on the stock. Barclays dropped their target price on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Jefferies Financial Group upped their price objective on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $53.00 to $54.00 in a report on Friday, September 13th. Raymond James upped their price target on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Evercore ISI lifted their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $51.45.

CubeSmart Stock Performance

CubeSmart stock opened at $49.09 on Monday. The stock’s 50 day moving average is $51.30 and its 200 day moving average is $47.19. The company has a market capitalization of $11.06 billion, a P/E ratio of 27.46, a PEG ratio of 8.65 and a beta of 0.84. CubeSmart has a twelve month low of $35.58 and a twelve month high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 earnings per share. On average, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CubeSmart

A number of hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC grew its holdings in CubeSmart by 1,575.2% during the first quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock valued at $82,277,000 after purchasing an additional 1,711,762 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of CubeSmart by 26.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after purchasing an additional 1,205,097 shares during the period. TimesSquare Capital Management LLC purchased a new position in shares of CubeSmart during the 1st quarter valued at $48,716,000. Allspring Global Investments Holdings LLC boosted its holdings in CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after buying an additional 624,661 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in CubeSmart by 12.5% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after buying an additional 303,347 shares during the period. Institutional investors 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.