CubeSmart (NYSE:CUBE) Upgraded at Bank of America

Bank of America upgraded shares of CubeSmart (NYSE:CUBEGet Rating) from a neutral rating to a buy rating in a research note published on Tuesday morning, reports.

A number of other research analysts have also recently commented on the company. Truist Financial lowered their price target on CubeSmart from $55.00 to $48.00 and set a na rating on the stock in a report on Monday, May 16th. Raymond James raised CubeSmart from an outperform rating to a strong-buy rating and decreased their price objective for the stock from $60.00 to $52.00 in a report on Monday, May 23rd. Evercore ISI set a $58.00 price objective on CubeSmart in a report on Monday. raised CubeSmart from a sell rating to a hold rating in a report on Thursday, May 5th. Finally, JPMorgan Chase & Co. upped their price objective on CubeSmart from $57.00 to $58.00 and gave the stock a neutral rating in a report on Monday, April 4th. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, CubeSmart has a consensus rating of Moderate Buy and a consensus target price of $53.17.

NYSE CUBE opened at $41.89 on Tuesday. The stock’s 50 day moving average is $44.84 and its 200 day moving average is $49.44. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 1.09. CubeSmart has a 12 month low of $38.67 and a 12 month high of $57.34. The stock has a market cap of $9.40 billion, a PE ratio of 39.90, a P/E/G ratio of 2.24 and a beta of 0.49.

CubeSmart (NYSE:CUBEGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The real estate investment trust reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.40). CubeSmart had a return on equity of 10.78% and a net margin of 26.65%. The business had revenue of $238.57 million during the quarter, compared to analysts’ expectations of $240.13 million. During the same period in the prior year, the firm posted $0.47 earnings per share. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. On average, analysts forecast that CubeSmart will post 2.43 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, July 1st will be given a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Thursday, June 30th. CubeSmart’s dividend payout ratio is currently 163.81%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toroso Investments LLC bought a new position in shares of CubeSmart during the 1st quarter valued at approximately $740,000. Capital Research Global Investors bought a new position in shares of CubeSmart during the 1st quarter valued at approximately $137,023,000. Advisors Asset Management Inc. grew its position in CubeSmart by 3.5% in the 1st quarter. Advisors Asset Management Inc. now owns 53,819 shares of the real estate investment trust’s stock valued at $2,800,000 after acquiring an additional 1,814 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new position in CubeSmart in the 1st quarter valued at $2,002,000. Finally, Alyeska Investment Group L.P. bought a new position in CubeSmart in the 1st quarter valued at $38,340,000. 95.92% of the stock is currently owned by hedge funds and other institutional investors.

About CubeSmart (Get Rating)

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 secure storage space for residential and commercial customers. According to the 2020 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

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