CubeSmart (NYSE:CUBE) Upgraded by Truist Financial to Buy Rating

Truist Financial upgraded shares of CubeSmart (NYSE:CUBE - Free Report) from a hold rating to a buy rating in a research note published on Friday, MarketBeat reports. They currently have $47.00 price objective on the real estate investment trust's stock, down from their prior price objective of $50.00.

Other equities analysts have also issued reports about the company. Barclays dropped their price target on CubeSmart from $54.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Monday, January 13th. Wells Fargo & Company increased their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Monday, October 21st. Scotiabank dropped their price target 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. Jefferies Financial Group lowered 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 report on Thursday, January 2nd. Finally, Royal Bank of Canada lowered their target price on CubeSmart from $56.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, November 4th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, CubeSmart has an average rating of "Hold" and an average price target of $49.73.

CubeSmart Stock Down 0.2 %

Shares of NYSE CUBE traded down $0.08 during midday trading on Friday, reaching $41.41. The company's stock had a trading volume of 1,551,839 shares, compared to its average volume of 1,177,162. The stock has a 50 day simple moving average of $45.30 and a 200-day simple moving average of $48.11. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $9.36 billion, a price-to-earnings ratio of 23.39, a PEG ratio of 11.06 and a beta of 0.87. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate 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%. The company's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. Equities research analysts predict that CubeSmart will post 2.63 earnings per share for the current year.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date was Thursday, January 2nd. This is a boost from CubeSmart's previous quarterly dividend of $0.51. CubeSmart's dividend payout ratio (DPR) is presently 117.51%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Quarry LP grew its position in CubeSmart by 19.8% in the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust's stock worth $74,000 after purchasing an additional 227 shares during the period. CIBC Asset Management Inc grew its position in CubeSmart by 3.6% during the third quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust's stock valued at $358,000 after buying an additional 233 shares during the period. HighTower Advisors LLC increased its stake in shares of CubeSmart by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust's stock worth $1,758,000 after purchasing an additional 243 shares in the last quarter. Mirador Capital Partners LP increased its position in CubeSmart by 1.6% in the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust's stock worth $855,000 after buying an additional 248 shares in the last quarter. Finally, Captrust Financial Advisors raised its stake in CubeSmart by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust's stock worth $309,000 after acquiring an additional 248 shares during the period. 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.