CubeSmart (NYSE:CUBE) PT Raised to $48.00 at Wells Fargo & Company

CubeSmart (NYSE:CUBE) had its price objective upped by Wells Fargo & Company from $46.00 to $48.00 in a research note published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

A number of other research analysts have also commented on the stock. Evercore ISI raised their price objective on shares of CubeSmart from $44.00 to $45.00 and gave the company an in-line rating in a research note on Monday, July 15th. Raymond James raised their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. Finally, BMO Capital Markets lowered shares of CubeSmart from an outperform rating to a market perform rating and lowered their price objective for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $46.36.

CubeSmart Price Performance

NYSE CUBE opened at $48.22 on Friday. CubeSmart has a 12 month low of $33.17 and a 12 month high of $49.58. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a market capitalization of $10.85 billion, a PE ratio of 26.79, a P/E/G ratio of 8.24 and a beta of 0.80. The company’s 50 day simple moving average is $44.69 and its 200 day simple moving average is $44.00.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s payout ratio is 113.33%.

Hedge Funds Weigh In On CubeSmart

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in CubeSmart by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after purchasing an additional 274,493 shares during the period. Norges Bank acquired a new position in CubeSmart in the 4th quarter worth approximately $444,818,000. Price T Rowe Associates Inc. MD boosted its stake in CubeSmart by 26.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock worth $257,191,000 after purchasing an additional 1,205,097 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in CubeSmart by 16.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock worth $201,692,000 after purchasing an additional 615,035 shares during the period. Finally, Truist Financial Corp boosted its stake in CubeSmart by 14.5% in the 4th quarter. Truist Financial Corp now owns 3,516,173 shares of the real estate investment trust’s stock worth $162,975,000 after purchasing an additional 445,228 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Company Profile

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.