CubeSmart (NYSE:CUBE) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of CubeSmart (NYSE:CUBE) from a neutral rating to a buy rating in a research note issued to investors on Tuesday, MarketBeat reports. Bank of America currently has $50.00 target price on the real estate investment trust’s stock, up from their prior target price of $44.00.

Several other research firms have also recently commented on CUBE. Scotiabank raised their target price on CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Monday. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Barclays lowered their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and lowered their price target for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Royal Bank of Canada lowered their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $47.00.

CubeSmart Stock Down 0.7%

CUBE opened at $42.65 on Tuesday. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market cap of $9.72 billion, a P/E ratio of 24.10, a P/E/G ratio of 11.58 and a beta of 1.00. The stock’s 50 day moving average price is $40.60 and its 200 day moving average price is $43.05.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating 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 firm had revenue of $273.04 million for the quarter, compared to analysts’ expectations of $268.16 million. During the same period last year, the firm earned $0.64 EPS. The firm’s revenue was up 4.4% compared to the same quarter last year. As a group, research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date was Tuesday, April 1st. CubeSmart’s payout ratio is 123.08%.

Hedge Funds Weigh In On CubeSmart

A number of hedge funds have recently modified their holdings of CUBE. Blue Trust Inc. boosted its position in shares of CubeSmart by 74.9% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 289 shares during the period. Jones Financial Companies Lllp boosted its position in shares of CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 389 shares during the period. SRS Capital Advisors Inc. boosted its position in shares of CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 559 shares during the period. Allworth Financial LP boosted its position in shares of CubeSmart by 115.2% in the first quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 501 shares during the period. Finally, UMB Bank n.a. boosted its position in shares of CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 351 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.