CubeSmart (NYSE:CUBE) Hits New 1-Year Low – Here’s What Happened

CubeSmart (NYSE:CUBE)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $39.34 and last traded at $40.03, with a volume of 1051143 shares traded. The stock had previously closed at $41.09.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CUBE shares. Wells Fargo & Company cut their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Scotiabank cut shares of CubeSmart from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the company from $52.00 to $46.00 in a research report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and dropped their target price for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Truist Financial upgraded CubeSmart from a “hold” rating to a “buy” rating and reduced their price target for the company from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $48.00.

CubeSmart Trading Down 3.8 %

The stock’s fifty day moving average price is $41.95 and its 200 day moving average price is $45.51. The stock has a market cap of $9.00 billion, a P/E ratio of 22.32, a PEG ratio of 11.58 and a beta of 0.85. 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 data on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping the consensus estimate of $0.45 by $0.23. The business had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. Equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.26%. CubeSmart’s dividend payout ratio is currently 120.93%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in shares of CubeSmart in the 4th quarter worth about $21,278,000. Norges Bank bought a new position in CubeSmart in the 4th quarter valued at approximately $408,064,000. Oak Thistle LLC boosted its stake in CubeSmart by 232.9% during the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after purchasing an additional 22,582 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of CubeSmart in the fourth quarter worth $445,000. Finally, Franklin Resources Inc. lifted its holdings in shares of CubeSmart by 13.1% during the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock valued at $15,950,000 after purchasing an additional 36,919 shares in the last quarter. 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.