CubeSmart (NYSE:CUBE) Given New $48.00 Price Target at Wells Fargo & Company

CubeSmart (NYSE:CUBE) had its price target raised by Wells Fargo & Company from $46.00 to $48.00 in a research note released on Friday, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Other analysts also recently issued reports about the company. Evercore ISI boosted their target price on CubeSmart from $44.00 to $45.00 and gave the company an in-line rating in a report on Monday, July 15th. Raymond James boosted their target price on CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a report on Tuesday. Finally, BMO Capital Markets downgraded CubeSmart from an outperform rating to a market perform rating and reduced their price objective for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart has an average rating of Hold and a consensus target price of $46.36.

CubeSmart Stock Up 1.3 %

Shares of NYSE CUBE opened at $47.63 on Friday. The company has a market capitalization of $10.72 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 8.13 and a beta of 0.80. 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 business has a 50-day moving average of $44.61 and a two-hundred day moving average of $44.00. CubeSmart has a 1 year low of $33.17 and a 1 year high of $49.58.

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

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio is currently 113.33%.

Institutional Investors Weigh In On CubeSmart

A number of large investors have recently bought and sold shares of CUBE. Rise Advisors LLC acquired a new stake in CubeSmart during the 1st quarter valued at $26,000. Mather Group LLC. acquired a new stake in CubeSmart during the 1st quarter valued at $26,000. GAMMA Investing LLC acquired a new stake in CubeSmart during the 4th quarter valued at $28,000. Signaturefd LLC grew its holdings in CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 292 shares during the last quarter. Finally, Ceredex Value Advisors LLC acquired a new stake in CubeSmart during the 4th quarter valued at $37,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

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.