CubeSmart (NYSE:CUBE) Price Target Raised to $47.00

CubeSmart (NYSE:CUBE) had its target price raised by equities researchers at Evercore ISI from $44.00 to $47.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s target price suggests a potential upside of 10.25% from the company’s current price.

A number of other analysts have also weighed in on the stock. Jefferies Financial Group lowered shares of CubeSmart from a “buy” rating to a “hold” rating and reduced their price target for the stock from $57.00 to $46.00 in a research note on Thursday, January 2nd. Barclays cut their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Wells Fargo & Company dropped their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $52.00 to $46.00 in a report on Wednesday, March 5th. Finally, Royal Bank of Canada lowered their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $46.85.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $42.63 on Friday. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. 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 company has a market cap of $9.76 billion, a PE ratio of 24.08, a P/E/G ratio of 11.58 and a beta of 0.85. The stock has a 50 day simple moving average of $40.54 and a 200-day simple moving average of $43.36.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $273.04 million during the quarter, compared to analysts’ expectations of $268.16 million. During the same quarter in the prior year, the business posted $0.64 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

Institutional Trading of CubeSmart

Several large investors have recently added to or reduced their stakes in CUBE. Cullen Frost Bankers Inc. grew its holdings in shares of CubeSmart by 2.0% during the first quarter. Cullen Frost Bankers Inc. now owns 108,126 shares of the real estate investment trust’s stock valued at $4,618,000 after buying an additional 2,104 shares in the last quarter. Victory Capital Management Inc. boosted its position in CubeSmart by 6.8% during the 1st quarter. Victory Capital Management Inc. now owns 580,530 shares of the real estate investment trust’s stock worth $24,794,000 after acquiring an additional 36,807 shares during the period. Grey Fox Wealth Advisors LLC purchased a new position in CubeSmart during the 1st quarter valued at about $227,000. CWM LLC increased its holdings in shares of CubeSmart by 23.5% in the 1st quarter. CWM LLC now owns 1,950 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 371 shares during the period. Finally, Louisiana State Employees Retirement System lifted its position in shares of CubeSmart by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 63,400 shares of the real estate investment trust’s stock worth $2,708,000 after purchasing an additional 600 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

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.