Scotiabank Has Lowered Expectations for CubeSmart (NYSE:CUBE) Stock Price

CubeSmart (NYSE:CUBE) had its price objective dropped by equities research analysts at Scotiabank from $53.00 to $52.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s target price suggests a potential upside of 4.15% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Truist Financial lifted their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the stock 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 lifted their price objective for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Barclays reduced their price objective on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Jefferies Financial Group lifted their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $51.36.

CubeSmart Price Performance

NYSE:CUBE opened at $49.93 on Monday. CubeSmart has a 1-year low of $38.31 and a 1-year high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $50.12 and a 200 day simple moving average of $47.92. The stock has a market capitalization of $11.29 billion, a PE ratio of 28.20, a P/E/G ratio of 13.73 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last released 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 firm had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. During the same period in the prior year, the business posted $0.68 earnings per share. CubeSmart’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CUBE. Decatur Capital Management Inc. raised its stake in CubeSmart by 169.9% during the third quarter. Decatur Capital Management Inc. now owns 80,194 shares of the real estate investment trust’s stock worth $4,317,000 after acquiring an additional 50,484 shares in the last quarter. Tidal Investments LLC raised its stake in CubeSmart by 24.7% during the third quarter. Tidal Investments LLC now owns 141,099 shares of the real estate investment trust’s stock worth $7,523,000 after acquiring an additional 27,912 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in CubeSmart during the third quarter worth about $628,000. Anchor Investment Management LLC acquired a new position in CubeSmart during the third quarter worth about $79,000. Finally, Virtu Financial LLC acquired a new position in CubeSmart during the third quarter worth about $566,000. Institutional investors and hedge funds 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.