CubeSmart (NYSE:CUBE - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $39.34 and last traded at $40.03, with a volume of 1051143 shares. The stock had previously closed at $41.09.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Jefferies Financial Group cut shares of CubeSmart from a "buy" rating to a "hold" rating and cut their price target for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Royal Bank of Canada dropped their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Scotiabank downgraded shares of CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the company from $52.00 to $46.00 in a research note on Wednesday, March 5th. Truist Financial upgraded shares of CubeSmart from a "hold" rating to a "buy" rating and dropped their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Mizuho assumed coverage on shares of CubeSmart in a research report on Wednesday. They issued a "neutral" rating and a $39.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $47.31.
View Our Latest Report on CUBE
CubeSmart Trading Up 6.2 %
The business has a 50-day moving average price of $41.42 and a two-hundred day moving average price of $44.81. The company has a market cap of $8.68 billion, a P/E ratio of 21.53, a P/E/G ratio of 11.58 and a beta of 0.85. 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 - Get Free Report) last issued its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, analysts predict that CubeSmart will post 2.64 EPS for the current year.
CubeSmart Dividend Announcement
The firm 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 annualized dividend and a dividend yield of 5.46%. The ex-dividend date is Tuesday, April 1st. CubeSmart's payout ratio is 120.93%.
Institutional Investors Weigh In On CubeSmart
A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in CubeSmart during the fourth quarter worth about $408,064,000. Raymond James Financial Inc. bought a new position in CubeSmart during the 4th quarter worth approximately $21,278,000. Oak Thistle LLC grew its holdings in CubeSmart by 232.9% during the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock valued at $1,383,000 after purchasing an additional 22,582 shares during the period. JPMorgan Chase & Co. increased its stake in CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust's stock valued at $184,232,000 after purchasing an additional 352,754 shares in the last quarter. Finally, Entropy Technologies LP acquired a new stake in CubeSmart in the fourth quarter worth $445,000. 97.61% of the stock is owned by institutional investors and hedge funds.
About CubeSmart
(
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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.
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