UBS Group Lowers CubeSmart (NYSE:CUBE) to Neutral

UBS Group cut shares of CubeSmart (NYSE:CUBE) from a buy rating to a neutral rating in a report issued on Friday, Marketbeat.com reports. They currently have $54.00 target price on the real estate investment trust’s stock, up from their previous target price of $53.00.

Several other brokerages also recently issued reports on CUBE. Evercore ISI boosted their target price on shares of CubeSmart from $51.00 to $52.00 and gave the company an in-line rating in a research note on Wednesday, August 28th. Scotiabank began coverage on CubeSmart in a research note on Thursday, August 22nd. They issued a sector outperform rating and a $53.00 price objective for the company. BMO Capital Markets cut CubeSmart from an outperform rating to a market perform rating and lowered their target price for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. Truist Financial increased their price target on shares of CubeSmart from $44.00 to $50.00 and gave the stock a hold rating in a research report on Friday, August 16th. Finally, Royal Bank of Canada assumed coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They set an outperform rating and a $56.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart currently has an average rating of Hold and an average target price of $49.67.

CubeSmart Stock Performance

CUBE opened at $54.00 on Friday. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm has a market cap of $12.16 billion, a PE ratio of 30.00, a P/E/G ratio of 9.86 and a beta of 0.82. The business has a fifty day simple moving average of $49.20 and a 200-day simple moving average of $45.47. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $54.47.

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). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The company had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same period in the prior year, the business posted $0.66 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio is presently 113.33%.

Insider Buying and Selling at CubeSmart

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction that occurred on Tuesday, August 6th. The stock was 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 directly owns 87,663 shares in the company, valued at $4,205,194.11. The disclosure for this sale can be found here. Insiders have sold a total of 88,217 shares of company stock worth $4,244,344 over the last three months. Corporate insiders own 1.68% of the company’s stock.

Institutional Trading of CubeSmart

Several institutional investors have recently modified their holdings of CUBE. Quarry LP raised its position in CubeSmart by 195.6% in the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 757 shares in the last quarter. Sunbelt Securities Inc. grew its stake in shares of CubeSmart by 38.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 2,585 shares of the real estate investment trust’s stock valued at $117,000 after purchasing an additional 712 shares during the period. Creative Planning raised its holdings in shares of CubeSmart by 9.1% in the 2nd quarter. Creative Planning now owns 16,028 shares of the real estate investment trust’s stock worth $724,000 after buying an additional 1,340 shares in the last quarter. Algert Global LLC lifted its position in shares of CubeSmart by 93.1% during the 2nd quarter. Algert Global LLC now owns 46,981 shares of the real estate investment trust’s stock worth $2,122,000 after buying an additional 22,651 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. acquired a new stake in CubeSmart in the 2nd quarter valued at $2,682,000. Institutional investors and hedge funds 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.