Royal Bank of Canada Lowers CubeSmart (NYSE:CUBE) Price Target to $53.00

CubeSmart (NYSE:CUBE) had its price target cut by Royal Bank of Canada from $56.00 to $53.00 in a report issued on Monday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

CUBE has been the topic of several other reports. Jefferies Financial Group lifted their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Truist Financial lifted their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Scotiabank started coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $51.45.

CubeSmart Stock Performance

Shares of CUBE traded down $0.16 during trading hours on Monday, reaching $47.84. 149,833 shares of the company’s stock traded hands, compared to its average volume of 1,346,747. The firm has a market capitalization of $10.77 billion, a price-to-earnings ratio of 26.97, a P/E/G ratio of 8.65 and a beta of 0.84. The business’s fifty day simple moving average is $51.30 and its two-hundred day simple moving average is $47.19. CubeSmart has a twelve month low of $35.58 and a twelve month high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.03.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The company had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 earnings per share. Analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On CubeSmart

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. raised its stake in shares of CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 323 shares in the last quarter. UMB Bank n.a. lifted its stake in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 444 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in CubeSmart in the second quarter worth approximately $33,000. Larson Financial Group LLC acquired a new position in shares of CubeSmart during the 1st quarter worth $45,000. Finally, Quarry LP raised its holdings in shares of CubeSmart by 195.6% during the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 757 shares in the last quarter. Hedge funds and other institutional investors 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.