CubeSmart (NYSE:CUBE) Price Target Increased to $62.00 by Analysts at Jefferies Financial Group

CubeSmart (NYSE:CUBE) had its target price raised by Jefferies Financial Group from $53.00 to $62.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 13.66% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Raymond James upped their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Truist Financial upped their price objective 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. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price objective for the company from $53.00 to $54.00 in a research report on Friday, September 13th. Royal Bank of Canada assumed coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price objective for the company. Finally, BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, CubeSmart currently has a consensus rating of “Hold” and an average target price of $50.50.

CubeSmart Trading Up 0.9 %

NYSE:CUBE traded up $0.50 during trading hours on Wednesday, hitting $54.55. 873,009 shares of the stock were exchanged, compared to its average volume of 1,336,229. The company’s 50 day moving average is $49.40 and its two-hundred day moving average is $45.54. CubeSmart has a twelve month low of $33.17 and a twelve month high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $12.28 billion, a P/E ratio of 30.26, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.66 EPS. On average, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Insider Activity at CubeSmart

In related news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the sale, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the completion of the sale, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now owns 182,460 shares of the company’s stock, valued at $8,630,358. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,217 shares of company stock worth $4,244,344. Insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Mather Group LLC. bought a new position in shares of CubeSmart during the first quarter worth approximately $26,000. Whittier Trust Co. increased its stake in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares during the last quarter. Rise Advisors LLC bought a new position in CubeSmart in the first quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC bought a new position in CubeSmart in the second quarter valued at approximately $33,000. Finally, Larson Financial Group LLC bought a new position in CubeSmart in the first quarter valued at approximately $45,000. 97.61% of the stock is owned by institutional investors.

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.