CubeSmart (NYSE:CUBE) Sets New 52-Week Low After Analyst Downgrade

CubeSmart (NYSE:CUBE - Get Free Report) reached a new 52-week low during mid-day trading on Monday after Barclays lowered their price target on the stock from $54.00 to $50.00. Barclays currently has an equal weight rating on the stock. CubeSmart traded as low as $39.80 and last traded at $39.92, with a volume of 791449 shares trading hands. The stock had previously closed at $40.23.

A number of other research firms also recently weighed in on CUBE. Scotiabank reduced 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 report on Monday, November 25th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a "sell" rating to a "hold" rating and cut their target price for the stock from $46.00 to $45.00 in a research note on Friday. Royal Bank of Canada lowered their price target 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 increased their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an "equal weight" rating in a research report on Monday, October 21st. Finally, Evercore ISI upped their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a research note on Monday, September 16th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $50.00.

Institutional Investors Weigh In On CubeSmart

Hedge funds have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of CubeSmart during the 2nd quarter worth approximately $33,000. Wedbush Securities Inc. lifted its position in CubeSmart by 8.6% during the second quarter. Wedbush Securities Inc. now owns 7,200 shares of the real estate investment trust's stock valued at $325,000 after purchasing an additional 571 shares during the last quarter. American Century Companies Inc. grew its stake in shares of CubeSmart by 16.0% in the 2nd quarter. American Century Companies Inc. now owns 560,903 shares of the real estate investment trust's stock worth $25,336,000 after buying an additional 77,503 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of CubeSmart by 23.2% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 154,856 shares of the real estate investment trust's stock valued at $6,921,000 after buying an additional 29,184 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in CubeSmart in the second quarter worth about $593,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

The firm has a market capitalization of $9.15 billion, a PE ratio of 22.85, a P/E/G ratio of 13.00 and a beta of 0.87. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The business has a 50-day simple moving average of $45.87 and a 200-day simple moving average of $48.26.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.68 by ($0.24). The business had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. CubeSmart's revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. Equities research analysts expect that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be issued a $0.52 dividend. The ex-dividend date is Thursday, January 2nd. This is a boost from CubeSmart's previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.14%. CubeSmart's dividend payout ratio is presently 117.51%.

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.