CubeSmart (NYSE:CUBE) Price Target Cut to $48.00 by Analysts at Royal Bank of Canada

CubeSmart (NYSE:CUBE) had its price target lowered by stock analysts at Royal Bank of Canada from $53.00 to $48.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective points to a potential upside of 13.66% from the stock’s current price.

Several other equities research analysts also recently commented on CUBE. Wells Fargo & Company reduced their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Barclays reduced their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and lowered their target price for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their price objective for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $48.73.

CubeSmart Price Performance

Shares of CUBE traded up $0.95 during trading hours on Monday, hitting $42.23. 474,288 shares of the company were exchanged, compared to its average volume of 1,562,243. The firm has a fifty day simple moving average of $41.85 and a 200-day simple moving average of $47.02. The company has a market capitalization of $9.55 billion, a PE ratio of 23.86, a PEG ratio of 11.58 and a beta of 0.87. 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 one year low of $39.80 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. As a group, sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

Institutional Trading of CubeSmart

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of CubeSmart by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock valued at $1,350,080,000 after acquiring an additional 85,609 shares in the last quarter. Norges Bank bought a new position in shares of CubeSmart in the fourth quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of CubeSmart by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock worth $288,259,000 after buying an additional 1,464,331 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of CubeSmart by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after buying an additional 50,340 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after buying an additional 352,754 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

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.