CubeSmart (NYSE:CUBE) Price Target Increased to $50.00 by Analysts at Wells Fargo & Company

CubeSmart (NYSE:CUBE) had its price objective raised by Wells Fargo & Company from $48.00 to $50.00 in a research note published on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the stock. Royal Bank of Canada assumed coverage on shares of CubeSmart in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target for the company. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their target price for the company from $53.00 to $54.00 in a report on Friday, September 13th. Truist Financial raised their price objective on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Barclays boosted their target price on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Finally, Scotiabank started coverage on CubeSmart in a report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price target for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.67.

CubeSmart Trading Down 0.4 %

Shares of CUBE opened at $49.09 on Monday. The firm’s 50-day moving average price is $51.59 and its 200-day moving average price is $46.94. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $11.05 billion, a price-to-earnings ratio of 27.58, a PEG ratio of 8.86 and a beta of 0.82. CubeSmart has a 1-year low of $33.17 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The firm had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. Sell-side analysts anticipate that CubeSmart will post 2.65 EPS for the current year.

Insider Buying and Selling

In other news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is owned by corporate insiders.

Institutional Trading of CubeSmart

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CUBE. Janus Henderson Group PLC grew its position in shares of CubeSmart by 1,575.2% during the 1st quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock valued at $82,277,000 after acquiring an additional 1,711,762 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in CubeSmart by 26.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after purchasing an additional 1,205,097 shares during the period. TimesSquare Capital Management LLC purchased a new stake in CubeSmart in the first quarter worth about $48,716,000. Allspring Global Investments Holdings LLC raised its stake in shares of CubeSmart by 14.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after buying an additional 624,661 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of CubeSmart by 12.5% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after buying an additional 303,347 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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.