Wells Fargo & Company Cuts CubeSmart (NYSE:CUBE) Price Target to $44.00

CubeSmart (NYSE:CUBE) had its target price trimmed by Wells Fargo & Company from $50.00 to $44.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Scotiabank lowered their price objective on shares of 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 raised shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and decreased their target price for the company from $46.00 to $45.00 in a research report on Friday, January 10th. Finally, Barclays decreased their target price on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $49.18.

CubeSmart Stock Down 0.4 %

Shares of CUBE stock opened at $41.82 on Friday. The firm has a fifty day moving average of $42.01 and a 200-day moving average of $47.23. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 23.63, a P/E/G ratio of 11.58 and a beta of 0.87.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 2nd were paid a $0.52 dividend. The ex-dividend date was Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 4.97%. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

Institutional Trading of CubeSmart

A number of large investors have recently added to or reduced their stakes in CUBE. Norges Bank acquired a new stake in CubeSmart in the fourth quarter valued at $408,064,000. Capital World Investors lifted its stake in shares of CubeSmart by 184.5% during the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust’s stock worth $126,161,000 after buying an additional 1,909,496 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of CubeSmart by 219.4% during 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 buying an additional 1,768,626 shares during 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 buying an additional 1,464,331 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of CubeSmart by 326.3% during the 3rd 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 worth $90,229,000 after buying an additional 1,282,995 shares during the last quarter. Institutional investors and hedge funds 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.