CubeSmart (NYSE:CUBE) Hits New 52-Week High Following Analyst Upgrade

Shares of CubeSmart (NYSE:CUBE) hit a new 52-week high on Monday after Evercore ISI raised their price target on the stock from $52.00 to $53.00. Evercore ISI currently has an in-line rating on the stock. CubeSmart traded as high as $54.62 and last traded at $54.38, with a volume of 98841 shares. The stock had previously closed at $54.00.

CUBE has been the topic of a number of other reports. Wells Fargo & Company increased their target price on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Scotiabank started coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective for the company. Royal Bank of Canada started coverage on shares of CubeSmart in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 target price on the stock. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their price target for the company from $53.00 to $54.00 in a research report on Friday. Finally, BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $49.75.

Insider Buying and Selling

In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the sale, the insider now owns 182,460 shares in the company, valued at $8,630,358. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now owns 182,460 shares in the company, valued at $8,630,358. The disclosure for this sale can be found here. In the last three months, insiders have sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is owned by company insiders.

Institutional Trading of CubeSmart

Several institutional investors and hedge funds have recently added to or reduced their stakes in CUBE. Mather Group LLC. purchased a new stake in CubeSmart in the 1st quarter worth $26,000. Whittier Trust Co. grew its holdings in CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 323 shares in the last quarter. Rise Advisors LLC bought a new stake in CubeSmart in the 1st quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of CubeSmart during the 2nd quarter worth approximately $33,000. Finally, Larson Financial Group LLC bought a new position in shares of CubeSmart during the 1st quarter valued at approximately $45,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Stock Performance

The stock has a market capitalization of $12.29 billion, a PE ratio of 30.31, a price-to-earnings-growth ratio of 9.86 and a beta of 0.82. The business’s fifty day moving average is $49.40 and its two-hundred day moving average is $45.54. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

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

CubeSmart Dividend Announcement

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. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.74%. CubeSmart’s dividend payout ratio is presently 113.33%.

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.