CubeSmart (NYSE:CUBE) Reaches New 52-Week High at $49.82

CubeSmart (NYSE:CUBE) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $49.82 and last traded at $49.30, with a volume of 114444 shares trading hands. The stock had previously closed at $49.20.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wells Fargo & Company upped their price target on CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Evercore ISI upped their price objective on CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Raymond James upped their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Truist Financial increased their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday. One equities research 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 MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $46.73.

CubeSmart Price Performance

The stock has a 50 day moving average of $46.46 and a two-hundred day moving average of $44.35. The stock has a market cap of $11.08 billion, a PE ratio of 27.40, a PEG ratio of 8.88 and a beta of 0.80. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business 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 dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio is currently 113.33%.

Insiders Place Their Bets

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the company’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 approximately $27,947,704.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock worth $4,244,344 in the last quarter. 1.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. lifted its stake in shares of CubeSmart by 0.8% in the fourth quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust’s stock valued at $1,599,000 after buying an additional 266 shares during the period. Covestor Ltd raised its stake in shares of CubeSmart by 11.8% in the 1st quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 278 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of CubeSmart by 72.5% during the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 292 shares during the period. Fifth Third Bancorp boosted its position in shares of CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock valued at $110,000 after acquiring an additional 311 shares in the last quarter. Finally, Whittier Trust Co. raised its position in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 323 shares in the last quarter. 97.61% of the stock is owned by 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.