CubeSmart (NYSE:CUBE) Price Target Raised to $48.00

CubeSmart (NYSE:CUBE) had its price objective increased by stock analysts at Truist Financial from $47.00 to $48.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s price target indicates a potential upside of 9.91% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Wells Fargo & Company lowered their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. Royal Bank of Canada lowered their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Scotiabank raised their price target on CubeSmart from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Monday, May 12th. Finally, KeyCorp raised CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $47.00.

CubeSmart Trading Up 2.4%

CUBE opened at $43.67 on Monday. The stock’s fifty day moving average is $40.62 and its two-hundred day moving average is $42.91. The company has a market capitalization of $9.96 billion, a P/E ratio of 24.67, a PEG ratio of 11.58 and a beta of 1.00. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data 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. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same quarter in the prior year, the firm posted $0.64 earnings per share. The firm’s revenue was up 4.4% compared to the same quarter last year. Analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

Institutional Investors Weigh In On CubeSmart

Institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. lifted its position in shares of CubeSmart by 7.4% in the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust’s stock valued at $158,000 after acquiring an additional 255 shares in the last quarter. Blue Trust Inc. increased its position in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 289 shares during the period. Covestor Ltd grew its holdings in shares of CubeSmart by 22.8% in the 1st quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust’s stock worth $67,000 after acquiring an additional 292 shares during the last quarter. UniSuper Management Pty Ltd boosted its position in CubeSmart by 0.5% during the first quarter. UniSuper Management Pty Ltd now owns 63,200 shares of the real estate investment trust’s stock valued at $2,699,000 after purchasing an additional 300 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of CubeSmart by 0.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock worth $2,280,000 after buying an additional 306 shares during the last quarter. 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.