Evercore ISI Boosts CubeSmart (NYSE:CUBE) Price Target to $52.00

CubeSmart (NYSE:CUBE) had its target price increased by Evercore ISI from $51.00 to $52.00 in a report issued on Wednesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Several other brokerages have also weighed in on CUBE. Barclays increased their price objective on shares of CubeSmart from $48.00 to $55.00 and gave the company an equal weight rating in a research report on Thursday, August 22nd. Scotiabank initiated coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They set a sector outperform rating and a $53.00 price objective for the company. Wells Fargo & Company upped their target price on CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a research report on Friday, July 26th. BMO Capital Markets cut CubeSmart from an outperform rating to a market perform rating and dropped their price target for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Finally, Truist Financial boosted their price target on CubeSmart from $44.00 to $50.00 and gave the company a hold rating in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $48.73.

CubeSmart Stock Up 0.6 %

CubeSmart stock opened at $51.81 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 company’s 50-day moving average is $47.64 and its 200-day moving average is $44.80. The firm has a market capitalization of $11.66 billion, a PE ratio of 28.78, a P/E/G ratio of 9.40 and a beta of 0.80. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $51.98.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The business had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. CubeSmart’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.66 EPS. Sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s payout ratio is currently 113.33%.

Insider Buying and Selling

In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the sale, the chief operating officer now owns 87,663 shares in the company, valued at approximately $4,205,194.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 over the last quarter. 1.68% of the stock is owned by company insiders.

Institutional Trading of CubeSmart

Several institutional investors and hedge funds have recently modified their holdings of CUBE. Norges Bank bought a new position in CubeSmart in the fourth quarter valued at about $444,818,000. Janus Henderson Group PLC boosted its stake in shares of CubeSmart by 1,575.2% in the 1st quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock valued at $82,277,000 after purchasing an additional 1,711,762 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of CubeSmart by 26.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after purchasing an additional 1,205,097 shares during the last quarter. TimesSquare Capital Management LLC acquired a new position in CubeSmart during the 1st quarter worth approximately $48,716,000. Finally, Centersquare Investment Management LLC lifted its stake in CubeSmart by 824.1% in the 4th quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock valued at $52,282,000 after purchasing an additional 1,005,922 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

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.