CubeSmart (NYSE:CUBE) Given New $50.00 Price Target at Barclays

CubeSmart (NYSE:CUBE) had its price target decreased by Barclays from $54.00 to $50.00 in a research report released on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the real estate investment trust’s stock.

Several other equities analysts also recently commented on CUBE. Wells Fargo & Company raised their target price on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and dropped their price target for the company from $46.00 to $45.00 in a report on Friday. Evercore ISI raised their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Royal Bank of Canada dropped their price target on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Finally, Scotiabank dropped their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, CubeSmart presently has an average rating of “Hold” and a consensus price target of $50.00.

CubeSmart Price Performance

Shares of CUBE stock opened at $40.45 on Monday. The stock has a 50 day moving average of $45.87 and a two-hundred day moving average of $48.26. 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 has a 12 month low of $39.80 and a 12 month high of $55.14. The company has a market capitalization of $9.15 billion, a P/E ratio of 22.85, a P/E/G ratio of 13.00 and a beta of 0.87.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. During the same quarter in the prior year, the business posted $0.68 EPS. CubeSmart’s revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts expect that CubeSmart will post 2.63 EPS for the current year.

CubeSmart Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be given a $0.52 dividend. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 5.14%. The ex-dividend date of this dividend is Thursday, January 2nd. CubeSmart’s dividend payout ratio (DPR) is currently 117.51%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP boosted its position in shares of CubeSmart by 19.8% in the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 227 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in CubeSmart by 3.6% during the third quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock worth $358,000 after acquiring an additional 233 shares in the last quarter. HighTower Advisors LLC lifted its holdings in CubeSmart by 0.8% during the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock worth $1,758,000 after acquiring an additional 243 shares in the last quarter. Mirador Capital Partners LP lifted its holdings in CubeSmart by 1.6% during the third quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock worth $855,000 after acquiring an additional 248 shares in the last quarter. Finally, Captrust Financial Advisors lifted its holdings in CubeSmart by 4.5% during the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after acquiring an additional 248 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

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.