Royal Bank of Canada Cuts CubeSmart (NYSE:CUBE) Price Target to $48.00

CubeSmart (NYSE:CUBE - Free Report) had its price objective trimmed by Royal Bank of Canada from $53.00 to $48.00 in a report released on Monday,Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust's stock.

Several other equities analysts have also recently weighed in on the company. Jefferies Financial Group cut CubeSmart from a "buy" rating to a "hold" rating and lowered their price target for the company from $57.00 to $46.00 in a report on Thursday, January 2nd. Barclays decreased their target price on CubeSmart from $54.00 to $50.00 and set an "equal weight" rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised CubeSmart from a "sell" rating to a "hold" rating and cut their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Scotiabank decreased their price objective on CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating on the stock in a research note on Monday, November 25th. Finally, Truist Financial raised CubeSmart from a "hold" rating to a "buy" rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, CubeSmart presently has an average rating of "Hold" and an average price target of $48.08.

Remove Ads

CubeSmart Stock Down 0.5 %

Shares of CUBE stock traded down $0.22 during mid-day trading on Monday, hitting $42.24. The company's stock had a trading volume of 1,647,664 shares, compared to its average volume of 1,326,708. The stock has a market cap of $9.62 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 11.58 and a beta of 0.88. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The business has a 50-day moving average price of $41.80 and a 200 day moving average price of $46.89.

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 for the quarter, topping analysts' consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Research analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 4.92%. The ex-dividend date is Tuesday, April 1st. CubeSmart's payout ratio is currently 120.93%.

Hedge Funds Weigh In On CubeSmart

Several hedge funds have recently modified their holdings of CUBE. Howard Capital Management Group LLC purchased a new stake in CubeSmart in the 3rd quarter worth $212,000. New York State Teachers Retirement System lifted its position in shares of CubeSmart by 4.2% in the third quarter. New York State Teachers Retirement System now owns 156,415 shares of the real estate investment trust's stock worth $8,420,000 after buying an additional 6,331 shares in the last quarter. First Trust Direct Indexing L.P. purchased a new stake in shares of CubeSmart in the third quarter worth about $204,000. Stephens Inc. AR bought a new position in CubeSmart during the third quarter valued at approximately $226,000. Finally, Harbor Capital Advisors Inc. grew its holdings in CubeSmart by 127.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust's stock valued at $1,777,000 after buying an additional 18,475 shares in the last quarter. Hedge funds and other institutional investors 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.