CubeSmart (NYSE:CUBE) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of CubeSmart (NYSE:CUBE) from a hold rating to a buy rating in a research report report published on Friday morning, MarketBeat.com reports. Truist Financial currently has $47.00 target price on the real estate investment trust’s stock, down from their previous target price of $50.00.

A number of other research analysts have also recently weighed in on CUBE. Barclays dropped their target price on shares of CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company boosted their target price on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and decreased their price objective for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Scotiabank reduced their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $49.73.

CubeSmart Stock Performance

CUBE stock opened at $41.41 on Friday. The business has a 50 day moving average of $45.30 and a 200-day moving average of $48.11. The firm has a market cap of $9.36 billion, a PE ratio of 23.39, a P/E/G ratio of 11.06 and a beta of 0.87. CubeSmart has a 12-month low of $39.80 and a 12-month high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.24). The business had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 earnings per share. As a group, sell-side analysts expect that CubeSmart will post 2.63 earnings per share for the current year.

CubeSmart Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.02%. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. CubeSmart’s payout ratio is presently 117.51%.

Institutional Trading of CubeSmart

Several institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP increased its position in shares of CubeSmart by 19.8% in the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 227 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of CubeSmart by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock worth $358,000 after buying an additional 233 shares during the last quarter. HighTower Advisors LLC raised 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 valued at $1,758,000 after buying an additional 243 shares in the last quarter. Mirador Capital Partners LP lifted its holdings in shares of CubeSmart by 1.6% during the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock worth $855,000 after acquiring an additional 248 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in CubeSmart by 4.5% in the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after acquiring an additional 248 shares in the last quarter. Hedge funds and other institutional investors 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.