CubeSmart (NYSE:CUBE) Upgraded at Truist Financial

Truist Financial upgraded shares of CubeSmart (NYSE:CUBE) from a hold rating to a buy rating in a research note released on Friday, MarketBeat.com reports. The brokerage currently has $47.00 price target on the real estate investment trust’s stock, down from their prior price target of $50.00.

Several other analysts have also recently issued reports on CUBE. Royal Bank of Canada dropped their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and cut their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Wells Fargo & Company boosted their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Barclays cut their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Finally, Scotiabank lowered their price target on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $49.73.

CubeSmart Price Performance

NYSE:CUBE opened at $41.41 on Friday. CubeSmart has a 1-year low of $39.80 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 0.20. The company has a 50 day moving average price of $45.30 and a 200-day moving average price of $48.17. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 23.39, a price-to-earnings-growth ratio of 11.06 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. During the same quarter in the prior year, the company posted $0.68 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities research analysts forecast that CubeSmart will post 2.63 EPS for the current year.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were given a $0.52 dividend. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 5.02%. CubeSmart’s payout ratio is presently 117.51%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CUBE. Quarry LP grew its position in shares of CubeSmart by 19.8% during the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after buying an additional 227 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of CubeSmart by 3.6% in the third quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock valued at $358,000 after acquiring an additional 233 shares during the period. HighTower Advisors LLC grew its position in CubeSmart by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after purchasing an additional 243 shares during the last quarter. Mirador Capital Partners LP increased its position in CubeSmart by 1.6% in the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of CubeSmart by 4.5% during the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after purchasing an additional 248 shares during 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.