CubeSmart (NYSE:CUBE) Price Target Raised to $62.00

CubeSmart (NYSE:CUBE) had its target price upped by Jefferies Financial Group from $53.00 to $62.00 in a report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

A number of other brokerages have also recently issued reports on CUBE. BMO Capital Markets cut shares of CubeSmart from an outperform rating to a market perform rating and reduced their price objective for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Evercore ISI increased their price target on CubeSmart from $52.00 to $53.00 and gave the stock an in-line rating in a research note on Monday, September 16th. Wells Fargo & Company boosted their price objective on CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a research report on Friday, July 26th. Truist Financial upped their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a hold rating in a research note on Friday, August 16th. Finally, UBS Group downgraded CubeSmart from a buy rating to a neutral rating and lifted their target price for the company from $53.00 to $54.00 in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, CubeSmart presently has an average rating of Hold and a consensus target price of $50.50.

CubeSmart Price Performance

NYSE CUBE opened at $53.92 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The business’s fifty day moving average is $49.96 and its 200 day moving average is $45.73. The company has a market capitalization of $12.13 billion, a PE ratio of 29.96, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 earnings per share. Sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.78%. CubeSmart’s dividend payout ratio is currently 113.33%.

Insider Activity at CubeSmart

In related news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is owned by corporate insiders.

Institutional Trading of CubeSmart

Institutional investors have recently bought and sold shares of the stock. Whittier Trust Co. increased its position in CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares during the last quarter. Rise Advisors LLC bought a new position in CubeSmart during the 1st quarter valued at about $26,000. Mather Group LLC. purchased a new stake in CubeSmart in the 1st quarter worth about $26,000. Ashton Thomas Private Wealth LLC bought a new stake in CubeSmart in the second quarter worth about $33,000. Finally, Larson Financial Group LLC purchased a new position in shares of CubeSmart during the first quarter valued at approximately $45,000. 97.61% of the stock is currently owned by 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.