CubeSmart (NYSE:CUBE) Hits New 12-Month Low – What’s Next?

Shares of CubeSmart (NYSE:CUBE) reached a new 52-week low during trading on Friday . The stock traded as low as $39.34 and last traded at $40.03, with a volume of 1051143 shares trading hands. The stock had previously closed at $41.09.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of recent research reports. Scotiabank cut CubeSmart from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and dropped their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $48.00.

CubeSmart Trading Down 3.8 %

The company’s fifty day moving average price is $41.90 and its 200-day moving average price is $45.34. The stock has a market cap of $9.00 billion, a price-to-earnings ratio of 22.32, a P/E/G ratio of 11.58 and a beta of 0.85. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. On average, research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.26%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is currently 120.93%.

Institutional Trading of CubeSmart

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock worth $1,350,080,000 after buying an additional 85,609 shares during the last quarter. Norges Bank acquired a new position in CubeSmart in the fourth quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. increased its stake in CubeSmart by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock worth $288,259,000 after acquiring an additional 1,464,331 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of CubeSmart by 1.1% in the 3rd 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 during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of CubeSmart by 8.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after purchasing an additional 352,754 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

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.