CubeSmart (NYSE:CUBE) Price Target Raised to $45.00 at Scotiabank

CubeSmart (NYSE:CUBE) had its price objective raised by equities research analysts at Scotiabank from $40.00 to $45.00 in a report released on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price would indicate a potential upside of 5.39% from the company’s previous close.

Several other research analysts have also recently commented on the stock. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and decreased their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Wells Fargo & Company decreased their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Barclays lowered their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Evercore ISI boosted their price target on CubeSmart from $44.00 to $47.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Finally, KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.77.

CubeSmart Stock Performance

NYSE:CUBE traded up $0.03 during midday trading on Monday, reaching $42.70. 303,848 shares of the company traded hands, compared to its average volume of 1,784,643. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of 24.14, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The company has a fifty day moving average price of $40.58 and a 200 day moving average price of $43.09. 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 has a twelve month low of $34.24 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

Institutional Investors Weigh In On CubeSmart

A number of institutional investors and hedge funds have recently bought and sold shares of CUBE. Blue Trust Inc. raised its holdings in shares of CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its position in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 389 shares during the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 559 shares in the last quarter. Allworth Financial LP increased its holdings in shares of CubeSmart by 115.2% in the first quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 501 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 351 shares during the last quarter. 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.