CubeSmart (NYSE:CUBE) Stock Rated Buy in New Coverage at Truist Financial

Truist Financial assumed coverage on shares of CubeSmart (NYSE:CUBE) in a research report released on Friday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $41.00 target price on the real estate investment trust’s stock.

Several other research firms have also issued reports on CUBE. Wells Fargo & Company increased their price target on shares of CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, July 24th. UBS Group boosted their price objective on shares of CubeSmart from $41.00 to $43.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Mizuho cut their target price on CubeSmart from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Wednesday, September 2nd. KeyCorp reaffirmed a “sector weight” rating on shares of CubeSmart in a report on Tuesday, August 4th. Finally, Evercore set a $46.00 price target on CubeSmart in a research note on Monday, September 21st. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $43.18.

CubeSmart Stock Performance

NYSE:CUBE opened at $37.57 on Friday. The company has a market cap of $8.46 billion, a price-to-earnings ratio of 25.91, a PEG ratio of 6.34 and a beta of 1.05. CubeSmart has a fifty-two week low of $35.09 and a fifty-two week high of $43.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.07 and a current ratio of 0.07. The stock has a fifty day moving average price of $40.15 and a 200-day moving average price of $39.83.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Friday, July 31st. The real estate investment trust reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.25). CubeSmart had a net margin of 29.41% and a return on equity of 12.35%. The company had revenue of $286.49 million during the quarter, compared to analyst estimates of $281.12 million. During the same period last year, the firm earned $0.65 EPS. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, equities analysts anticipate that CubeSmart will post 2.57 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.12 annualized dividend and a yield of 5.6%. CubeSmart’s dividend payout ratio is presently 146.21%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Versant Capital Management Inc grew its position in CubeSmart by 28.7% during the 3rd quarter. Versant Capital Management Inc now owns 8,072 shares of the real estate investment trust’s stock worth $303,000 after acquiring an additional 1,801 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of CubeSmart by 5.5% during the second quarter. Sequoia Financial Advisors LLC now owns 82,782 shares of the real estate investment trust’s stock valued at $3,292,000 after purchasing an additional 4,288 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of CubeSmart by 6.5% during the second quarter. Engineers Gate Manager LP now owns 139,914 shares of the real estate investment trust’s stock worth $5,564,000 after purchasing an additional 8,596 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in shares of CubeSmart by 111.3% in the second quarter. Integrated Wealth Concepts LLC now owns 22,332 shares of the real estate investment trust’s stock valued at $888,000 after buying an additional 11,761 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of CubeSmart by 3,321.6% in the second quarter. NewEdge Advisors LLC now owns 14,439 shares of the real estate investment trust’s stock valued at $574,000 after buying an additional 14,017 shares during the period. 97.61% of the stock is currently owned by institutional investors.

About CubeSmart

CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. Its properties provide individuals and businesses with space to store household goods, personal belongings, business inventory, records, vehicles and other items.

The company offers a range of unit sizes and storage solutions, generally through traditional drive-up and climate-controlled facilities. Many locations also provide features such as electronic access, online rentals and payments, moving and packing supplies, and vehicle storage.