CubeSmart (NYSE:CUBE) PT Raised to $52.00 at Evercore ISI

CubeSmart (NYSE:CUBE) had its price objective hoisted by research analysts at Evercore ISI from $51.00 to $52.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target suggests a potential upside of 0.95% from the company’s current price.

Several other equities analysts have also issued reports on CUBE. Wells Fargo & Company boosted their target price on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Raymond James upped their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Barclays upped their price objective on shares of CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Finally, Scotiabank assumed coverage on shares of CubeSmart in a report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $48.73.

CubeSmart Price Performance

Shares of NYSE CUBE traded down $0.42 during midday trading on Wednesday, reaching $51.51. 122,571 shares of the company were exchanged, compared to its average volume of 1,348,214. The stock’s 50-day moving average price is $47.25 and its 200-day moving average price is $44.65. The stock has a market cap of $11.60 billion, a P/E ratio of 28.62, a PEG ratio of 9.40 and a beta of 0.80. CubeSmart has a one year low of $33.17 and a one year high of $51.98. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE) last issued its quarterly 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 business had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. CubeSmart’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 EPS. On average, sell-side analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Insider Transactions at CubeSmart

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

Hedge Funds Weigh In On CubeSmart

Several hedge funds and other institutional investors have recently bought and sold shares of CUBE. Vanguard Group Inc. boosted its position in shares of 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 acquiring an additional 274,493 shares during the last quarter. Norges Bank purchased a new stake in shares of CubeSmart during the fourth quarter worth approximately $444,818,000. Price T Rowe Associates Inc. MD increased its stake in CubeSmart by 26.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after purchasing an additional 1,205,097 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings 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 valued at $201,692,000 after acquiring an additional 615,035 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of 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 during the period. Institutional investors and hedge funds own 97.61% of the company’s stock.

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.