Royal Bank of Canada Cuts CubeSmart (NYSE:CUBE) Price Target to $48.00

CubeSmart (NYSE:CUBE) had its target price trimmed by Royal Bank of Canada from $53.00 to $48.00 in a research report released on Monday,Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently issued reports on CUBE. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and decreased their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Scotiabank decreased their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Wells Fargo & Company decreased their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, Barclays decreased their price target on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average price target of $48.18.

CubeSmart Trading Up 1.6 %

Shares of NYSE:CUBE opened at $42.48 on Monday. The stock has a market capitalization of $9.68 billion, a PE ratio of 24.00, a P/E/G ratio of 11.58 and a beta of 0.88. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The firm has a fifty day moving average price of $41.81 and a 200 day moving average price of $46.92. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. The firm had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 120.93%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Peterson Financial Group Inc. acquired a new position in CubeSmart in the third quarter worth about $33,000. Blue Trust Inc. raised its position in CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp raised its position in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 389 shares in the last quarter. Versant Capital Management Inc raised its position in CubeSmart by 9,614.3% in the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 673 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its position in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 559 shares in the last quarter. 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.