CubeSmart (NYSE:CUBE) Downgraded by Scotiabank to Sector Perform

Scotiabank downgraded shares of CubeSmart (NYSE:CUBE) from a sector outperform rating to a sector perform rating in a research report report published on Wednesday, Marketbeat.com reports. Scotiabank currently has $46.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $52.00.

Other analysts have also recently issued research reports about the company. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and reduced their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and cut their target price for the company from $46.00 to $45.00 in a report on Friday, January 10th. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and cut their target price for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Finally, Royal Bank of Canada cut their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $48.18.

CubeSmart Price Performance

CUBE opened at $42.48 on Wednesday. The stock has a market cap of $9.68 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 11.58 and a beta of 0.88. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a fifty day moving average price of $41.81 and a 200 day moving average price of $46.92.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. The firm had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be paid a $0.52 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.90%. CubeSmart’s payout ratio is presently 120.93%.

Hedge Funds Weigh In On CubeSmart

Institutional investors have recently made changes to their positions in the business. Peterson Financial Group Inc. bought a new position in shares of CubeSmart in the third quarter worth about $33,000. Blue Trust Inc. increased its stake in CubeSmart by 74.9% during the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 289 shares during the period. Jones Financial Companies Lllp increased its stake in CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 389 shares during the period. Versant Capital Management Inc increased its stake in CubeSmart by 9,614.3% during the fourth quarter. Versant Capital Management Inc now owns 680 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 673 shares during the period. Finally, SRS Capital Advisors Inc. increased its stake in CubeSmart by 310.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 559 shares during the period. 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.