Wells Fargo & Company Boosts CubeSmart (NYSE:CUBE) Price Target to $50.00

CubeSmart (NYSE:CUBE) had its price target upped by Wells Fargo & Company from $48.00 to $50.00 in a report issued on Monday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the real estate investment trust’s stock.

A number of other research analysts also recently commented on CUBE. Scotiabank began 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 for the company. Royal Bank of Canada began coverage on shares of CubeSmart in a report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target on the stock. Truist Financial upped their price objective on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Jefferies Financial Group boosted their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Raymond James raised their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $50.67.

CubeSmart Stock Performance

Shares of CUBE opened at $49.29 on Monday. CubeSmart has a 1 year low of $33.17 and a 1 year high of $55.14. The company’s 50 day simple moving average is $51.57 and its 200 day simple moving average is $46.91. The company has a market capitalization of $11.09 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 9.12 and a beta of 0.82. 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 issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share 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 analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.66 EPS. On average, sell-side analysts predict that CubeSmart will post 2.65 EPS for the current year.

Insider Buying and Selling at CubeSmart

In other news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction 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 owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now directly owns 182,460 shares in the company, valued at $8,630,358. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 over the last 90 days. 1.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CubeSmart

A number of institutional investors have recently modified their holdings of the business. Mather Group LLC. bought a new position in shares of CubeSmart during the first quarter valued at approximately $26,000. Whittier Trust Co. grew its stake in CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares during the last quarter. UMB Bank n.a. increased its position in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 444 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in shares of CubeSmart during the second quarter valued at $33,000. Finally, Larson Financial Group LLC acquired a new position in shares of CubeSmart during the first quarter valued at $45,000. Institutional investors 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.