CubeSmart (NYSE:CUBE) Stock Rating Lowered by Scotiabank

Scotiabank cut shares of CubeSmart (NYSE:CUBE) from a sector outperform rating to a sector perform rating in a research note released on Wednesday morning, MarketBeat reports. They currently have $46.00 target price on the real estate investment trust’s stock, down from their prior target price of $52.00.

A number of other research firms also recently weighed in on CUBE. Wells Fargo & Company decreased their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and reduced their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and reduced their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and reduced their target price for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Finally, Barclays reduced their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, CubeSmart currently has an average rating of “Hold” and an average price target of $48.18.

CubeSmart Stock Up 1.6 %

NYSE CUBE opened at $42.48 on Wednesday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock’s 50 day moving average is $41.81 and its two-hundred day moving average is $46.92. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 11.58 and a beta of 0.88. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. The company had revenue of $231.41 million for the quarter, compared to the consensus estimate of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.90%. The ex-dividend date is Tuesday, April 1st. CubeSmart’s dividend payout ratio (DPR) is presently 120.93%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CUBE. Howard Capital Management Group LLC bought a new position in CubeSmart in the 3rd quarter worth approximately $212,000. First Trust Direct Indexing L.P. bought a new stake in shares of CubeSmart during the 3rd quarter valued at $204,000. Stephens Inc. AR bought a new stake in shares of CubeSmart during the 3rd quarter valued at $226,000. Harbor Capital Advisors Inc. raised its position in shares of CubeSmart by 127.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 33,013 shares of the real estate investment trust’s stock valued at $1,777,000 after acquiring an additional 18,475 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of CubeSmart by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 94,950 shares of the real estate investment trust’s stock valued at $4,681,000 after acquiring an additional 10,363 shares during the last quarter. 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.