Brokerages Set CubeSmart (NYSE:CUBE) Price Target at $49.91

CubeSmart (NYSE:CUBE - Get Free Report) has earned an average recommendation of "Hold" from the eleven brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $49.91.

CUBE has been the topic of several analyst reports. Scotiabank lowered their price target on shares of CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating on the stock in a report on Monday, November 25th. Barclays cut their price target on CubeSmart from $55.00 to $54.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. Jefferies Financial Group downgraded shares of CubeSmart from a "buy" rating to a "hold" rating and reduced their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. UBS Group lowered CubeSmart from a "buy" rating to a "neutral" rating and increased their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Finally, Royal Bank of Canada dropped 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.

CubeSmart Stock Performance

CUBE traded down $0.29 during mid-day trading on Thursday, reaching $41.28. 1,167,385 shares of the company traded hands, compared to its average volume of 1,077,917. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The company's fifty day moving average price is $46.16 and its 200-day moving average price is $48.28. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $9.34 billion, a P/E ratio of 23.32, a P/E/G ratio of 13.00 and a beta of 0.87.

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

CubeSmart Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.04%. This is a positive change from CubeSmart's previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, January 2nd. CubeSmart's dividend payout ratio (DPR) is presently 117.51%.

Institutional Investors Weigh In On CubeSmart

A number of hedge funds have recently made changes to their positions in CUBE. BNP Paribas Financial Markets grew its holdings in CubeSmart by 32.9% in the third quarter. BNP Paribas Financial Markets now owns 158,472 shares of the real estate investment trust's stock worth $8,531,000 after purchasing an additional 39,270 shares during the last quarter. Franklin Resources Inc. grew its stake in CubeSmart by 13.1% during the 3rd quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust's stock worth $15,950,000 after buying an additional 36,919 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in CubeSmart during the 3rd quarter valued at about $628,000. Harbor Capital Advisors Inc. raised its stake in CubeSmart by 127.1% in the third 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 during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in CubeSmart by 46.6% in the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust's stock worth $29,406,000 after acquiring an additional 173,683 shares in the last quarter. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

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.