CubeSmart (NYSE:CUBE) PT Raised to $53.00

CubeSmart (NYSE:CUBE) had its target price lifted by research analysts at Evercore ISI from $52.00 to $53.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s target price suggests a potential downside of 2.57% from the stock’s current price.

CUBE has been the subject of a number of other reports. Scotiabank started coverage on CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price for the company. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $53.00 to $54.00 in a research note on Friday. BMO Capital Markets cut shares of CubeSmart from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Raymond James boosted their target price 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, Wells Fargo & Company raised their price target on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CubeSmart has a consensus rating of “Hold” and a consensus price target of $49.75.

CubeSmart Stock Performance

Shares of NYSE CUBE traded up $0.40 during trading on Monday, reaching $54.40. The stock had a trading volume of 190,646 shares, compared to its average volume of 1,337,069. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The stock has a market cap of $12.25 billion, a PE ratio of 30.25, a P/E/G ratio of 9.86 and a beta of 0.82. CubeSmart has a one year low of $33.17 and a one year high of $54.62. The firm’s 50 day moving average price is $49.20 and its two-hundred day moving average price is $45.47.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. During the same quarter in the previous year, the firm earned $0.66 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in CubeSmart by 0.9% in the first quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after acquiring an additional 274,493 shares in the last quarter. Norges Bank bought a new stake in CubeSmart during the 4th quarter valued at approximately $444,818,000. Price T Rowe Associates Inc. MD increased its position 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 buying an additional 1,205,097 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of CubeSmart by 16.0% during the second 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 buying an additional 615,035 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of CubeSmart by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after acquiring an additional 169,600 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.