CubeSmart (NYSE:CUBE) Price Target Cut to $52.00 by Analysts at Scotiabank

CubeSmart (NYSE:CUBE) had its target price reduced by Scotiabank from $53.00 to $52.00 in a research report report published on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the real estate investment trust’s stock.

A number of other research firms have also commented on CUBE. Jefferies Financial Group lifted their target price on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Truist Financial upped their price target on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Barclays dropped their price objective on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Wells Fargo & Company upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Finally, Evercore ISI lifted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, CubeSmart currently has an average rating of “Hold” and an average target price of $51.36.

CubeSmart Stock Up 2.0 %

CUBE stock opened at $49.87 on Monday. The business has a 50 day moving average of $50.12 and a 200 day moving average of $47.92. The firm has a market cap of $11.28 billion, a PE ratio of 28.18, a price-to-earnings-growth ratio of 13.73 and a beta of 0.84. CubeSmart has a twelve month low of $38.31 and a twelve month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.24). The company had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. CubeSmart’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.68 earnings per share. On average, research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CUBE. Janus Henderson Group PLC lifted its position in shares of CubeSmart by 1,575.2% in the first 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 acquiring an additional 1,711,762 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in CubeSmart by 326.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after purchasing an additional 1,282,995 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in CubeSmart by 14.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after buying an additional 624,661 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after buying an additional 303,347 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of CubeSmart by 38.2% in the second quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock worth $34,427,000 after buying an additional 210,871 shares in the last quarter. Institutional investors 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.