CubeSmart (NYSE:CUBE) Stock Rating Upgraded by Truist Financial

CubeSmart (NYSE:CUBE) was upgraded by research analysts at Truist Financial from a “hold” rating to a “buy” rating in a report released on Friday, Marketbeat reports.

Other equities research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Wells Fargo & Company lifted their price target on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Scotiabank decreased their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Barclays dropped their price target on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Royal Bank of Canada decreased their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.00.

CubeSmart Stock Performance

NYSE:CUBE traded up $0.02 during trading hours on Friday, hitting $41.51. 362,050 shares of the company were exchanged, compared to its average volume of 1,362,233. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 11.06 and a beta of 0.87. The company’s 50 day moving average price is $45.45 and its 200-day moving average price is $48.13.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The firm had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. CubeSmart’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 earnings per share. As a group, research analysts forecast that CubeSmart will post 2.63 earnings per share for the current year.

Institutional Investors Weigh In On CubeSmart

Hedge funds have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in CubeSmart by 326.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after acquiring an additional 1,282,995 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after acquiring an additional 624,661 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of CubeSmart by 12.5% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after acquiring an additional 303,347 shares during the last quarter. Sei Investments Co. boosted its position in shares of CubeSmart by 38.2% during the 2nd quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock valued at $34,427,000 after acquiring an additional 210,871 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of CubeSmart by 46.6% during the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after acquiring an additional 173,683 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

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.