CubeSmart (NYSE:CUBE) Hits New 12-Month High at $48.06

CubeSmart (NYSE:CUBE) shares hit a new 52-week high on Monday . The company traded as high as $48.06 and last traded at $47.55, with a volume of 59552 shares. The stock had previously closed at $47.37.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CUBE. Raymond James restated an “outperform” rating and issued a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. Barclays began coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price objective for the company. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a report on Friday, April 5th. Finally, BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $46.00.

CubeSmart Stock Down 0.2 %

The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $10.63 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 8.18 and a beta of 0.80. The company’s fifty day simple moving average is $43.56 and its 200 day simple moving average is $43.87.

CubeSmart (NYSE:CUBE) last released its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). The business had revenue of $261.41 million during the quarter, compared to analysts’ expectations of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 earnings per share. Research analysts expect that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 4.32%. The ex-dividend date is Monday, July 1st. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Institutional Trading of CubeSmart

Several institutional investors have recently bought and sold shares of the company. Nordea Investment Management AB boosted its holdings in shares of CubeSmart by 30.6% during the 4th quarter. Nordea Investment Management AB now owns 484,855 shares of the real estate investment trust’s stock valued at $22,633,000 after acquiring an additional 113,571 shares during the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of CubeSmart during the 4th quarter valued at about $1,370,000. Evoke Wealth LLC purchased a new stake in shares of CubeSmart during the 4th quarter valued at about $1,604,000. DAVENPORT & Co LLC boosted its holdings in shares of CubeSmart by 24.4% during the 4th quarter. DAVENPORT & Co LLC now owns 124,717 shares of the real estate investment trust’s stock valued at $5,781,000 after acquiring an additional 24,483 shares during the last quarter. Finally, Natixis Advisors L.P. lifted its stake in shares of CubeSmart by 35.0% in the 4th quarter. Natixis Advisors L.P. now owns 79,993 shares of the real estate investment trust’s stock worth $3,707,000 after purchasing an additional 20,729 shares during the period. 97.61% of the stock is owned by hedge funds and other institutional investors.

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.