CubeSmart (NYSE:CUBE) Given New $44.00 Price Target at Wells Fargo & Company

CubeSmart (NYSE:CUBE) had its target price decreased by Wells Fargo & Company from $50.00 to $44.00 in a report released on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

Other research analysts have also recently issued research reports about the stock. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and cut their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Scotiabank decreased their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and dropped their price target for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Royal Bank of Canada dropped their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Finally, Barclays reduced their price objective on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $49.18.

CubeSmart Price Performance

Shares of CubeSmart stock opened at $41.82 on Friday. The company has a fifty day moving average of $42.01 and a 200-day moving average of $47.23. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The stock has a market capitalization of $9.46 billion, a price-to-earnings ratio of 23.63, a price-to-earnings-growth ratio of 11.58 and a beta of 0.87.

CubeSmart Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a yield of 4.97%. CubeSmart’s payout ratio is currently 117.51%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Creative Planning raised its position in CubeSmart by 14.4% in the third quarter. Creative Planning now owns 18,335 shares of the real estate investment trust’s stock worth $987,000 after acquiring an additional 2,307 shares during the period. Howard Capital Management Group LLC bought a new position in CubeSmart in the 3rd quarter worth $212,000. Sequoia Financial Advisors LLC bought a new position in CubeSmart in the 3rd quarter worth $1,452,000. International Assets Investment Management LLC purchased a new position in CubeSmart during the third quarter valued at $3,905,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in CubeSmart by 13.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 16,067 shares of the real estate investment trust’s stock valued at $865,000 after purchasing an additional 1,938 shares during the period. 97.61% of the stock is owned by hedge funds and other 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.