Evercore ISI Increases CubeSmart (NYSE:CUBE) Price Target to $53.00

CubeSmart (NYSE:CUBE) had its price objective lifted by equities research analysts at Evercore ISI from $52.00 to $53.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would suggest a potential downside of 2.57% from the company’s current price.

Several other brokerages also recently weighed in on CUBE. Truist Financial boosted their target price on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and upped their price objective for the company from $53.00 to $54.00 in a research note on Friday. Raymond James lifted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Barclays increased their price target on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Finally, BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, CubeSmart currently has a consensus rating of “Hold” and an average target price of $49.75.

CubeSmart Price Performance

Shares of NYSE CUBE traded up $0.40 on Monday, hitting $54.40. The company’s stock had a trading volume of 190,646 shares, compared to its average volume of 1,337,069. The stock has a 50 day moving average of $49.20 and a 200-day moving average of $45.47. The company has a market capitalization of $12.25 billion, a price-to-earnings ratio of 30.25, a price-to-earnings-growth ratio of 9.86 and a beta of 0.82. CubeSmart has a 12-month low of $33.17 and a 12-month high of $54.62. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03.

CubeSmart (NYSE:CUBE) last announced 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 company had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. CubeSmart’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.66 EPS. As a group, research analysts predict that CubeSmart will post 2.64 EPS for the current year.

Insider Buying and Selling

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction on Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the transaction, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. In the last three months, insiders sold 88,217 shares of company stock valued at $4,244,344. Company insiders own 1.68% of the company’s stock.

Institutional Trading of CubeSmart

A number of hedge funds and other institutional investors have recently modified their holdings of CUBE. Vanguard Group Inc. grew its stake in CubeSmart by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock valued at $1,443,316,000 after purchasing an additional 274,493 shares in the last quarter. Norges Bank acquired a new stake in shares of CubeSmart during the fourth quarter worth approximately $444,818,000. Price T Rowe Associates Inc. MD grew its position in shares of 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 worth $257,191,000 after buying an additional 1,205,097 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of CubeSmart by 16.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock worth $201,692,000 after buying an additional 615,035 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in CubeSmart by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after acquiring an additional 169,600 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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.