CubeSmart (NYSE:CUBE) Reaches New 52-Week Low – Here’s What Happened

CubeSmart (NYSE:CUBE) shares hit a new 52-week low during trading on Thursday . The stock traded as low as $34.24 and last traded at $38.11, with a volume of 2383664 shares. The stock had previously closed at $35.88.

Analyst Ratings Changes

A number of research firms recently issued reports on CUBE. KeyCorp upgraded shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. 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. Scotiabank downgraded shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $52.00 to $46.00 in a report on Wednesday, March 5th. Barclays cut their price target on shares of CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Finally, Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and cut their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $47.31.

CubeSmart Price Performance

The company has a 50 day moving average price of $41.42 and a 200-day moving average price of $44.81. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market cap of $8.68 billion, a price-to-earnings ratio of 21.53, a P/E/G ratio of 11.58 and a beta of 0.85.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates 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%. As a group, equities research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.46%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio is presently 120.93%.

Institutional Trading of CubeSmart

Several large investors have recently modified their holdings of the stock. HighTower Advisors LLC grew its position in shares of CubeSmart by 0.8% during the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after buying an additional 243 shares during the period. Captrust Financial Advisors grew its position in shares of CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after buying an additional 248 shares during the period. Blue Trust Inc. grew its position in shares of CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 289 shares during the period. Thrivent Financial for Lutherans grew its position in shares of CubeSmart by 0.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust’s stock worth $2,280,000 after buying an additional 306 shares during the period. Finally, Magnetar Financial LLC grew its position in shares of CubeSmart by 2.3% during the 4th quarter. Magnetar Financial LLC now owns 14,153 shares of the real estate investment trust’s stock worth $606,000 after buying an additional 320 shares during the period. Institutional investors and hedge funds 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.