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

Scotiabank downgraded shares of CubeSmart (NYSE:CUBE - Free Report) from a sector outperform rating to a sector perform rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $46.00 price target on the real estate investment trust's stock, down from their prior price target of $52.00.

Several other equities analysts also recently issued reports on the company. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Royal Bank of Canada reduced their price objective on CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Jefferies Financial Group downgraded CubeSmart from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Wells Fargo & Company reduced their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Finally, Barclays cut their target price on CubeSmart from $54.00 to $50.00 and set an "equal weight" rating for the company in a research report on Monday, January 13th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, CubeSmart has an average rating of "Hold" and an average price target of $48.08.

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CubeSmart Stock Performance

Shares of NYSE:CUBE traded up $0.65 during trading on Wednesday, hitting $42.91. 2,826,943 shares of the company traded hands, compared to its average volume of 1,330,665. The stock has a market capitalization of $9.78 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 11.58 and a beta of 0.88. The business's fifty day moving average is $41.78 and its 200-day moving average is $46.80. CubeSmart has a one year low of $39.80 and a one year 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 - Get Free Report) last posted its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating the consensus estimate of $0.45 by $0.23. The company 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%. As a group, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.85%. CubeSmart's dividend payout ratio is currently 120.93%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CUBE. Norges Bank bought a new position in shares of CubeSmart in the fourth quarter valued at $408,064,000. Capital World Investors increased its holdings in shares of CubeSmart by 184.5% in the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock valued at $126,161,000 after buying an additional 1,909,496 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in CubeSmart by 219.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock valued at $110,323,000 after purchasing an additional 1,768,626 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of CubeSmart by 27.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock valued at $288,259,000 after purchasing an additional 1,464,331 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of CubeSmart by 326.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust's stock valued at $90,229,000 after purchasing an additional 1,282,995 shares in the last quarter. 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.