CubeSmart (NYSE:CUBE) Reaches New 12-Month High at $48.06

CubeSmart (NYSE:CUBE - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $48.06 and last traded at $47.55, with a volume of 59552 shares trading hands. The stock had previously closed at $47.37.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CUBE shares. Evercore ISI upped their price target on CubeSmart from $44.00 to $45.00 and gave the stock an "in-line" rating in a research report on Monday. Wells Fargo & Company boosted their price target on CubeSmart from $42.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Friday, April 5th. BMO Capital Markets lowered shares of CubeSmart from an "outperform" rating to a "market perform" rating and decreased their price objective for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Barclays started coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They set an "equal weight" rating and a $48.00 target price on the stock. Finally, Raymond James reaffirmed an "outperform" rating and issued a $48.00 price target on shares of CubeSmart in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $46.00.

CubeSmart Trading Up 0.2 %

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The stock has a market cap of $10.67 billion, a PE ratio of 26.36, a PEG ratio of 8.18 and a beta of 0.80. The company's fifty day moving average is $43.56 and its 200-day moving average is $43.87.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.22). The firm had revenue of $261.41 million for the quarter, compared to analysts' expectations of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. CubeSmart's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $0.65 earnings per share. On average, analysts predict that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be paid a $0.51 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.04 annualized dividend and a dividend yield of 4.30%. CubeSmart's dividend payout ratio is presently 113.33%.

Hedge Funds Weigh In On CubeSmart

A number of large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in CubeSmart by 14.2% in the 3rd quarter. Wellington Management Group LLP now owns 1,153,064 shares of the real estate investment trust's stock valued at $43,966,000 after purchasing an additional 143,244 shares during the last quarter. Citigroup Inc. grew its stake in CubeSmart by 43.5% during the 3rd quarter. Citigroup Inc. now owns 104,050 shares of the real estate investment trust's stock valued at $3,967,000 after acquiring an additional 31,537 shares in the last quarter. Nordea Investment Management AB raised its holdings in CubeSmart by 30.6% in the 4th quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust's stock valued at $22,633,000 after acquiring an additional 113,571 shares during the last quarter. Handelsinvest Investeringsforvaltning purchased a new position in CubeSmart during the fourth quarter worth approximately $1,209,000. Finally, Naples Global Advisors LLC grew its holdings in shares of CubeSmart by 25.1% in the fourth quarter. Naples Global Advisors LLC now owns 24,275 shares of the real estate investment trust's stock valued at $1,137,000 after purchasing an additional 4,865 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

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.