Scotiabank Issues Pessimistic Forecast for CubeSmart (NYSE:CUBE) Stock Price

CubeSmart (NYSE:CUBE) had its target price reduced by equities researchers at Scotiabank from $53.00 to $52.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s target price would indicate a potential upside of 2.81% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Wells Fargo & Company raised their target price on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Truist Financial increased their price target on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Evercore ISI boosted their target price on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Barclays cut their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Finally, Royal Bank of Canada reduced their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, six 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 $51.36.

CubeSmart Price Performance

Shares of CUBE stock traded up $1.67 during trading hours on Monday, hitting $50.58. 560,618 shares of the company’s stock were exchanged, compared to its average volume of 1,348,054. CubeSmart has a 12-month low of $38.31 and a 12-month high of $55.14. The company has a market capitalization of $11.44 billion, a PE ratio of 28.58, a PEG ratio of 13.73 and a beta of 0.84. The business’s 50 day simple moving average is $50.21 and its 200-day simple moving average is $47.86. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02.

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

Institutional Trading of CubeSmart

Several hedge funds and other institutional investors have recently made changes to their positions in CUBE. Allspring Global Investments Holdings LLC increased its stake in CubeSmart by 14.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after purchasing an additional 624,661 shares in the last quarter. Geode Capital Management LLC increased its position in shares of CubeSmart by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock valued at $247,295,000 after acquiring an additional 50,340 shares during the period. Dimensional Fund Advisors LP raised its stake in CubeSmart by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock worth $152,652,000 after acquiring an additional 169,600 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in CubeSmart by 4.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,032,885 shares of the real estate investment trust’s stock worth $163,260,000 after acquiring an additional 135,211 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in CubeSmart by 12.5% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after purchasing an additional 303,347 shares during the last quarter. Hedge funds and other institutional investors 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.