Zacks Investment Research upgraded shares of CubeSmart (NYSE:CUBE) from a hold rating to a buy rating in a research report released on Monday morning, Zacks.com reports. The firm currently has $39.00 target price on the real estate investment trust’s stock.
According to Zacks, “CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States. Its self storage facilities are designed to offer storage space for residential and commercial customers. CubeSmart, formally known as U-Store-It Trust, is based in Wayne, Pennsylvania. “
CUBE has been the topic of several other reports. ValuEngine lowered shares of CubeSmart from a buy rating to a hold rating in a report on Thursday, August 1st. Stifel Nicolaus initiated coverage on shares of CubeSmart in a report on Monday. They issued a hold rating and a $35.00 price objective on the stock. Finally, Bank of America lowered shares of CubeSmart from a buy rating to a neutral rating in a report on Friday, July 19th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $32.60.
Shares of CUBE stock opened at $35.41 on Monday. The firm’s 50 day moving average price is $34.53 and its 200-day moving average price is $32.79. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.09 and a current ratio of 0.09. CubeSmart has a one year low of $27.19 and a one year high of $35.73. The firm has a market cap of $6.76 billion, a P/E ratio of 21.04, a P/E/G ratio of 6.41 and a beta of 0.19.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, July 25th. The real estate investment trust reported $0.26 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.15). CubeSmart had a return on equity of 10.19% and a net margin of 29.33%. The company had revenue of $159.00 million during the quarter, compared to analyst estimates of $158.86 million. During the same quarter in the prior year, the company posted $0.41 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. As a group, research analysts predict that CubeSmart will post 1.67 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.32 per share. The ex-dividend date is Monday, September 30th. This represents a $1.28 dividend on an annualized basis and a yield of 3.61%. CubeSmart’s dividend payout ratio (DPR) is presently 78.05%.
Institutional investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. lifted its holdings in CubeSmart by 2,297.6% during the 1st quarter. Marshall Wace North America L.P. now owns 127,863 shares of the real estate investment trust’s stock worth $4,097,000 after buying an additional 122,530 shares in the last quarter. Commonwealth Bank of Australia lifted its holdings in CubeSmart by 122.1% during the 1st quarter. Commonwealth Bank of Australia now owns 536,796 shares of the real estate investment trust’s stock worth $17,196,000 after buying an additional 295,063 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in CubeSmart by 8.4% during the 1st quarter. Principal Financial Group Inc. now owns 7,225,406 shares of the real estate investment trust’s stock worth $231,503,000 after buying an additional 559,895 shares in the last quarter. Pensionfund DSM Netherlands lifted its holdings in CubeSmart by 23.4% during the 2nd quarter. Pensionfund DSM Netherlands now owns 58,000 shares of the real estate investment trust’s stock worth $1,940,000 after buying an additional 11,000 shares in the last quarter. Finally, Honeywell International Inc. acquired a new stake in CubeSmart during the 2nd quarter worth approximately $1,933,000. Institutional investors own 96.99% of the company’s stock.
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 secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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