CubeSmart (NYSE:CUBE) Price Target Cut to $52.00 by Analysts at Scotiabank

CubeSmart (NYSE:CUBE) had its target price cut by Scotiabank from $53.00 to $52.00 in a research report report published on Monday morning,Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

A number of other research analysts have also recently weighed in on CUBE. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Evercore ISI boosted their target price on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and a consensus price target of $51.36.

CubeSmart Stock Up 2.0 %

Shares of NYSE:CUBE opened at $49.87 on Monday. The company has a market cap of $11.28 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 13.73 and a beta of 0.84. CubeSmart has a 12 month low of $38.31 and a 12 month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a 50-day moving average price of $50.12 and a 200 day moving average price of $47.92.

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

Hedge Funds Weigh In On CubeSmart

Several institutional investors have recently made changes to their positions in CUBE. Allspring Global Investments Holdings LLC grew its holdings in CubeSmart by 14.0% during 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 acquiring an additional 624,661 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of CubeSmart by 1.1% during the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after purchasing an additional 50,340 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after buying an additional 169,600 shares during the period. Charles Schwab Investment Management Inc. raised its stake in CubeSmart by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after buying an additional 135,211 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in CubeSmart by 12.5% during the second 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. Hedge funds and other 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.