CubeSmart (NYSE:CUBE) Given New $48.00 Price Target at Royal Bank of Canada

CubeSmart (NYSE:CUBE) had its target price lowered by Royal Bank of Canada from $53.00 to $48.00 in a report published on Monday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently commented on CUBE. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and dropped their price target for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Scotiabank dropped their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, November 25th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Wells Fargo & Company dropped their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, Barclays reduced their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $48.73.

CubeSmart Trading Up 2.1 %

Shares of NYSE CUBE opened at $42.13 on Monday. 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 business’s 50 day moving average is $41.84 and its two-hundred day moving average is $46.97. The stock has a market capitalization of $9.53 billion, a P/E ratio of 23.80, a PEG ratio of 11.58 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.23. The firm had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. As a group, research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is 120.93%.

Institutional Investors Weigh In On CubeSmart

Several hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in CubeSmart in the fourth quarter worth approximately $408,064,000. Capital World Investors increased its holdings in shares of CubeSmart by 184.5% in the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust’s stock valued at $126,161,000 after acquiring an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. raised its position in shares of CubeSmart by 219.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust’s stock worth $110,323,000 after acquiring an additional 1,768,626 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of CubeSmart by 27.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock worth $288,259,000 after purchasing an additional 1,464,331 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in CubeSmart by 326.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after purchasing an additional 1,282,995 shares in the last quarter. Hedge funds and other 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.