Barclays Lowers CubeSmart (NYSE:CUBE) Price Target to $49.00

CubeSmart (NYSE:CUBE) had its price target dropped by Barclays from $50.00 to $49.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s target price points to a potential upside of 20.24% from the company’s previous close.

A number of other equities research analysts have also recently commented on CUBE. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price target for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Wells Fargo & Company reduced their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Royal Bank of Canada reduced their price target on shares of CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Truist Financial upgraded shares of 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. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart presently has a consensus rating of “Hold” and a consensus target price of $48.00.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $40.75 on Wednesday. CubeSmart has a twelve month low of $39.80 and a twelve month high of $55.14. The firm has a fifty day simple moving average of $41.75 and a 200 day simple moving average of $46.62. The company has a market capitalization of $9.29 billion, a PE ratio of 23.02, a P/E/G ratio of 11.58 and a beta of 0.88. 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 announced its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $231.41 million during the quarter, compared to the consensus estimate of $267.54 million. On average, sell-side analysts forecast that CubeSmart will post 2.64 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CUBE. Norges Bank purchased a new position in CubeSmart during the fourth quarter worth about $408,064,000. Capital World Investors boosted its holdings in CubeSmart by 184.5% during the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust’s stock worth $126,161,000 after purchasing an additional 1,909,496 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in CubeSmart by 219.4% during the fourth 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 purchasing an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in CubeSmart by 27.8% during the fourth 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 holdings 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 worth $90,229,000 after purchasing an additional 1,282,995 shares during the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

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.