Scotiabank Downgrades CubeSmart (NYSE:CUBE) to Sector Perform

CubeSmart (NYSE:CUBE) was downgraded by equities research analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $46.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $52.00. Scotiabank’s target price points to a potential upside of 8.91% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Barclays cut their price target on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and cut their price objective for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Wells Fargo & Company cut their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Royal Bank of Canada cut their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and cut their price objective for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Eight equities research 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 a consensus rating of “Hold” and an average price target of $48.08.

CubeSmart Stock Performance

CUBE stock opened at $42.24 on Wednesday. The company has a market capitalization of $9.62 billion, a P/E ratio of 23.86, a PEG ratio of 11.58 and a beta of 0.88. The company has a 50-day simple moving average of $41.80 and a 200 day simple moving average of $46.89. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. 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 (NYSE:CUBE) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CubeSmart

A number of large investors have recently added to or reduced their stakes in CUBE. Howard Capital Management Group LLC bought a new stake in CubeSmart during the third quarter worth approximately $212,000. First Trust Direct Indexing L.P. bought a new stake in CubeSmart during the third quarter worth approximately $204,000. Stephens Inc. AR bought a new stake in shares of CubeSmart in the third quarter valued at approximately $226,000. Harbor Capital Advisors Inc. boosted its position in shares of CubeSmart by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock valued at $1,777,000 after acquiring an additional 18,475 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of CubeSmart by 12.3% in the third quarter. Van ECK Associates Corp now owns 94,950 shares of the real estate investment trust’s stock valued at $4,681,000 after acquiring an additional 10,363 shares during the period. 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.