Royal Bank of Canada Cuts CubeSmart (NYSE:CUBE) Price Target to $53.00

CubeSmart (NYSE:CUBE) had its target price cut by Royal Bank of Canada from $56.00 to $53.00 in a research report released on Monday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group increased their target price on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Scotiabank initiated coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 price objective for the company. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $53.00 to $54.00 in a report on Friday, September 13th. Barclays reduced their target price 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. Finally, Evercore ISI boosted 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 equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, CubeSmart has an average rating of “Hold” and a consensus price target of $51.45.

CubeSmart Price Performance

Shares of CUBE opened at $46.69 on Monday. The firm has a 50-day simple moving average of $51.24 and a two-hundred day simple moving average of $47.24. The stock has a market cap of $10.56 billion, a PE ratio of 26.38, a P/E/G ratio of 8.77 and a beta of 0.84. CubeSmart has a 1-year low of $35.58 and a 1-year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.03.

CubeSmart (NYSE:CUBE) last posted its 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). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. During the same quarter last year, the business posted $0.68 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts forecast that CubeSmart will post 2.64 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets boosted its holdings in CubeSmart by 12.3% in the first quarter. BNP Paribas Financial Markets now owns 147,029 shares of the real estate investment trust’s stock valued at $6,649,000 after purchasing an additional 16,074 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of CubeSmart by 7.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 72,964 shares of the real estate investment trust’s stock worth $3,299,000 after buying an additional 4,923 shares during the last quarter. Larson Financial Group LLC acquired a new position in shares of CubeSmart in the 1st quarter valued at $45,000. Texas Permanent School Fund Corp grew its position in shares of CubeSmart by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 196,796 shares of the real estate investment trust’s stock valued at $8,899,000 after buying an additional 2,549 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in CubeSmart by 19.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,466 shares of the real estate investment trust’s stock worth $745,000 after acquiring an additional 2,737 shares in the last quarter. Hedge funds and other 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.