CubeSmart (NYSE:CUBE) PT Raised to $62.00

CubeSmart (NYSE:CUBE) had its price objective boosted by investment analysts at Jefferies Financial Group from $53.00 to $62.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 14.62% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. Wells Fargo & Company boosted their target price on CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Royal Bank of Canada assumed coverage on CubeSmart in a research note on Tuesday, September 10th. They set an “outperform” rating and a $56.00 target price on the stock. Evercore ISI boosted their target price on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday. Finally, Raymond James boosted their target price on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.50.

CubeSmart Price Performance

Shares of CubeSmart stock opened at $54.09 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The business’s 50 day simple moving average is $49.79 and its two-hundred day simple moving average is $45.68. The stock has a market capitalization of $12.17 billion, a P/E ratio of 30.05, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82. CubeSmart has a one year low of $33.17 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. CubeSmart’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $0.66 earnings per share. Analysts forecast that CubeSmart will post 2.64 EPS for the current 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 on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the transaction, the insider now directly owns 182,460 shares in the company, valued at $8,630,358. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Mather Group LLC. bought a new position in shares of CubeSmart during the first quarter valued at $26,000. Whittier Trust Co. lifted its holdings in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares in the last quarter. Rise Advisors LLC bought a new position in shares of CubeSmart during the first quarter valued at $26,000. Ashton Thomas Private Wealth LLC bought a new position in shares of CubeSmart during the second quarter valued at $33,000. Finally, Larson Financial Group LLC bought a new position in shares of CubeSmart during the first quarter valued at $45,000. 97.61% of the stock is owned by institutional investors.

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.