CubeSmart (NYSE:CUBE) Price Target Cut to $54.00

CubeSmart (NYSE:CUBE) had its target price cut by equities research analysts at Barclays from $55.00 to $54.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective would suggest a potential upside of 13.26% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Evercore ISI boosted their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Scotiabank assumed coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price target on the stock. Royal Bank of Canada began coverage on CubeSmart in a research report on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective for the company. Wells Fargo & Company boosted their target price on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Jefferies Financial Group increased their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.58.

CubeSmart Stock Down 0.7 %

Shares of CUBE stock opened at $47.68 on Monday. The company has a market capitalization of $10.74 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 8.81 and a beta of 0.82. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The company’s fifty day moving average price is $51.53 and its 200-day moving average price is $47.03. CubeSmart has a one year low of $33.17 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 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 during the quarter, compared to analysts’ expectations of $260.68 million. During the same quarter in the previous year, the firm earned $0.66 earnings per share. CubeSmart’s revenue was up 2.1% on a year-over-year basis. Sell-side analysts expect that CubeSmart will post 2.65 EPS for the current fiscal year.

Insider Activity

In other news, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was 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 of the company’s stock, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 in the last ninety days. Insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Whittier Trust Co. lifted its stake in shares of CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 323 shares during the last quarter. UMB Bank n.a. increased its stake in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 444 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in shares of CubeSmart during the second quarter worth $33,000. Larson Financial Group LLC purchased a new stake in shares of CubeSmart during the first quarter valued at $45,000. Finally, Quarry LP grew its holdings in shares of CubeSmart by 195.6% in the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 757 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

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.