CubeSmart (NYSE:CUBE) Cut to Hold at Jefferies Financial Group

CubeSmart (NYSE:CUBE) was downgraded by investment analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. They presently have a $46.00 price target on the real estate investment trust’s stock, down from their previous price target of $57.00. Jefferies Financial Group’s price objective would suggest a potential upside of 8.70% from the stock’s current price.

Other equities analysts have also issued reports about the company. Evercore ISI increased their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Wells Fargo & Company increased their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Barclays cut their price objective on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Royal Bank of Canada decreased their target price 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. Finally, Scotiabank lowered their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $49.91.

CubeSmart Stock Performance

CUBE stock opened at $42.32 on Thursday. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The stock has a market capitalization of $9.57 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 13.00 and a beta of 0.84. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock’s fifty day moving average is $46.69 and its two-hundred day moving average is $48.39.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, research analysts predict that CubeSmart will post 2.63 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its stake in CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after purchasing an additional 624,661 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of CubeSmart by 1.1% during the third quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after acquiring an additional 50,340 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after acquiring an additional 169,600 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of CubeSmart by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock valued at $163,260,000 after acquiring an additional 135,211 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its stake in CubeSmart by 12.5% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock worth $123,234,000 after purchasing an additional 303,347 shares during the period. 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.