CubeSmart (NYSE:CUBE) Given New $53.00 Price Target at Royal Bank of Canada

CubeSmart (NYSE:CUBE) had its price target trimmed by Royal Bank of Canada from $56.00 to $53.00 in a report issued on Monday, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

A number of other brokerages have also recently commented on CUBE. Evercore ISI boosted their price objective on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Scotiabank assumed coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective on the stock. Truist Financial upped 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. Jefferies Financial Group lifted their price target on shares of CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, UBS Group cut 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 report on Friday, September 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $51.45.

CubeSmart Trading Down 0.3 %

Shares of NYSE CUBE traded down $0.16 during midday trading on Monday, hitting $47.84. The stock had a trading volume of 149,833 shares, compared to its average volume of 1,346,747. The company has a quick ratio of 0.03, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. CubeSmart has a 1-year low of $35.58 and a 1-year high of $55.14. The company has a market capitalization of $10.77 billion, a price-to-earnings ratio of 26.97, a PEG ratio of 8.65 and a beta of 0.84. The company has a fifty day moving average price of $51.30 and a 200 day moving average price of $47.19.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same period last year, the firm earned $0.68 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

Insiders Place Their Bets

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares in the company, valued at $27,947,704.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CubeSmart

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its holdings in shares of CubeSmart by 12.3% in the 1st quarter. BNP Paribas Financial Markets now owns 147,029 shares of the real estate investment trust’s stock worth $6,649,000 after purchasing an additional 16,074 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of CubeSmart by 7.2% during the first quarter. Daiwa Securities Group Inc. now owns 72,964 shares of the real estate investment trust’s stock valued at $3,299,000 after acquiring an additional 4,923 shares during the period. Larson Financial Group LLC bought a new position in shares of CubeSmart during the first quarter worth about $45,000. Texas Permanent School Fund Corp increased its holdings in shares of CubeSmart by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 196,796 shares of the real estate investment trust’s stock worth $8,899,000 after acquiring an additional 2,549 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its position in CubeSmart by 19.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 16,466 shares of the real estate investment trust’s stock valued at $745,000 after purchasing an additional 2,737 shares during the last quarter. 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.