Truist Financial Raises CubeSmart (NYSE:CUBE) Price Target to $50.00

CubeSmart (NYSE:CUBE) had its price objective lifted by Truist Financial from $44.00 to $50.00 in a research report sent to investors on Friday, Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Several other equities research analysts also recently issued reports on CUBE. BMO Capital Markets downgraded shares of CubeSmart from an outperform rating to a market perform rating and cut their target price for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. Wells Fargo & Company lifted their target price on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research note on Friday, July 26th. Evercore ISI increased their price target on CubeSmart from $44.00 to $45.00 and gave the company an in-line rating in a research note on Monday, July 15th. Finally, Raymond James lifted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $46.73.

CubeSmart Stock Performance

Shares of CUBE stock opened at $48.62 on Friday. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. CubeSmart has a 12 month low of $33.17 and a 12 month high of $49.58. The company’s fifty day simple moving average is $46.33 and its 200-day simple moving average is $44.32. The firm has a market cap of $10.94 billion, a PE ratio of 27.01, a P/E/G ratio of 8.95 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The company had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. During the same period in the prior year, the firm posted $0.66 EPS. CubeSmart’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.20%. CubeSmart’s payout ratio is presently 113.33%.

Insider Transactions at CubeSmart

In related news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Christopher P. Marr sold 37,000 shares of the 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 completion of the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,217 shares of company stock worth $4,244,344. Corporate insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On CubeSmart

Several large investors have recently added to or reduced their stakes in the business. Twin Tree Management LP boosted its holdings in shares of CubeSmart by 29,720.5% during the 1st quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock worth $526,000 after buying an additional 11,591 shares in the last quarter. Evoke Wealth LLC bought a new position in CubeSmart during the fourth quarter worth $1,604,000. Natixis Advisors L.P. grew its holdings in CubeSmart by 35.0% in the fourth quarter. Natixis Advisors L.P. now owns 79,993 shares of the real estate investment trust’s stock worth $3,707,000 after purchasing an additional 20,729 shares during the period. New York Life Investment Management LLC bought a new stake in CubeSmart in the fourth quarter valued at $1,180,000. Finally, Tidal Investments LLC raised its holdings in shares of CubeSmart by 32.6% during the first quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock valued at $4,040,000 after purchasing an additional 21,967 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.