CubeSmart (NYSE:CUBE) Given Average Recommendation of “Hold” by Brokerages

CubeSmart (NYSE:CUBE) has been given an average recommendation of “Hold” by the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $50.67.

A number of analysts recently issued reports on the company. Barclays raised their price target on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Royal Bank of Canada assumed coverage on CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target for the company. Wells Fargo & Company raised their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Evercore ISI raised their price target on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Scotiabank began coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target for the company.

Insider Activity

In other news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 182,460 shares in the company, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares in the company, valued at $4,205,194.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,217 shares of company stock worth $4,244,344. Company insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On CubeSmart

Several institutional investors have recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. boosted its holdings in CubeSmart by 11.8% in the third quarter. Pinnacle Associates Ltd. now owns 14,150 shares of the real estate investment trust’s stock worth $762,000 after acquiring an additional 1,494 shares in the last quarter. First Trust Direct Indexing L.P. acquired a new stake in shares of CubeSmart during the third quarter worth about $204,000. New York State Teachers Retirement System lifted its holdings in shares of CubeSmart by 4.2% during the third quarter. New York State Teachers Retirement System now owns 156,415 shares of the real estate investment trust’s stock worth $8,420,000 after purchasing an additional 6,331 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of CubeSmart by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 133,050 shares of the real estate investment trust’s stock worth $7,161,000 after purchasing an additional 482 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of CubeSmart by 3.4% during the third quarter. DekaBank Deutsche Girozentrale now owns 160,181 shares of the real estate investment trust’s stock worth $8,478,000 after purchasing an additional 5,325 shares during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Down 1.7 %

NYSE CUBE opened at $48.25 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The company has a market capitalization of $10.85 billion, a P/E ratio of 26.81, a P/E/G ratio of 8.86 and a beta of 0.82. CubeSmart has a one year low of $33.17 and a one year high of $55.14. The stock has a 50 day moving average price of $51.58 and a 200-day moving average price of $46.96.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.66 earnings per share. As a group, equities analysts predict that CubeSmart will post 2.65 EPS for the current fiscal year.

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.