CubeSmart (NYSE:CUBE) Price Target Lowered to $49.00 at Barclays

CubeSmart (NYSE:CUBE) had its target price cut by Barclays from $50.00 to $49.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

CUBE has been the subject of several other reports. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and decreased their target price for the stock from $57.00 to $46.00 in a research report on Thursday, January 2nd. Wells Fargo & Company decreased their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and decreased their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Finally, Scotiabank lowered CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, CubeSmart has an average rating of “Hold” and an average price target of $48.00.

CubeSmart Stock Performance

Shares of NYSE:CUBE opened at $41.72 on Wednesday. The stock has a market capitalization of $9.51 billion, a P/E ratio of 23.57, a P/E/G 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. 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 business has a 50-day moving average price of $41.73 and a two-hundred day moving average price of $46.52.

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

CubeSmart Dividend Announcement

The firm 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. The ex-dividend date is Tuesday, April 1st. This represents a $2.08 annualized dividend and a dividend yield of 4.99%. CubeSmart’s dividend payout ratio is presently 120.93%.

Hedge Funds Weigh In On CubeSmart

A number of large investors have recently bought and sold shares of CUBE. Howard Capital Management Group LLC bought a new position in shares of CubeSmart during the 3rd quarter worth approximately $212,000. Los Angeles Capital Management LLC acquired a new stake in shares of CubeSmart in the 3rd quarter valued at approximately $3,049,000. Nations Financial Group Inc. IA ADV boosted its holdings in shares of CubeSmart by 6.3% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 6,859 shares of the real estate investment trust’s stock valued at $369,000 after buying an additional 408 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of CubeSmart by 46.6% in the 3rd quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after buying an additional 173,683 shares during the last quarter. Finally, MQS Management LLC boosted its holdings in shares of CubeSmart by 16.1% in the 3rd quarter. MQS Management LLC now owns 17,016 shares of the real estate investment trust’s stock valued at $916,000 after buying an additional 2,365 shares during the last quarter. Institutional investors and hedge funds 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.