CubeSmart (NYSE:CUBE) Given Consensus Recommendation of “Hold” by Analysts

CubeSmart (NYSE:CUBE) has been assigned a consensus rating of “Hold” from the fourteen research firms that are covering the company, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $46.93.

A number of analysts have recently commented on CUBE shares. Bank of America raised CubeSmart from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $44.00 to $50.00 in a research note on Tuesday, May 13th. Scotiabank boosted their price objective on CubeSmart from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Monday, May 12th. Royal Bank of Canada dropped their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. 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. Finally, Mizuho started coverage on CubeSmart in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 price objective on the stock.

CubeSmart Stock Up 2.4%

Shares of CubeSmart stock opened at $43.67 on Wednesday. The business’s fifty day moving average price is $40.62 and its two-hundred day moving average price is $42.91. 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 company has a market capitalization of $9.96 billion, a P/E ratio of 24.67, a PEG ratio of 11.58 and a beta of 1.00. CubeSmart has a 1-year low of $34.24 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $268.16 million. During the same quarter in the previous year, the business earned $0.64 EPS. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. As a group, research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend was Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 123.08%.

Institutional Investors Weigh In On CubeSmart

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of CubeSmart during the fourth quarter valued at $408,064,000. T. Rowe Price Investment Management Inc. raised its position in CubeSmart by 28.8% during the first quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust’s stock valued at $370,049,000 after buying an additional 1,937,055 shares during the period. Capital World Investors raised its position in CubeSmart by 184.5% during the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust’s stock valued at $126,161,000 after buying an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. raised its position in CubeSmart by 219.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust’s stock valued at $110,323,000 after buying an additional 1,768,626 shares during the period. Finally, Millennium Management LLC raised its position in CubeSmart by 129.6% during the first quarter. Millennium Management LLC now owns 2,261,419 shares of the real estate investment trust’s stock valued at $96,585,000 after buying an additional 1,276,340 shares during the period. 97.61% of the stock is 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.