CubeSmart (NYSE:CUBE) Given Average Recommendation of “Hold” by Brokerages

CubeSmart (NYSE:CUBE) has been assigned an average recommendation of “Hold” from the eleven research firms that are presently covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $48.73.

A number of research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Royal Bank of Canada reduced their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday. Jefferies Financial Group cut CubeSmart from a “buy” rating to a “hold” rating and lowered their price target for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Scotiabank reduced their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. Finally, Deutsche Bank Aktiengesellschaft raised CubeSmart from a “sell” rating to a “hold” rating and lowered their target price for the stock from $46.00 to $45.00 in a research note on Friday, January 10th.

CubeSmart Stock Performance

Shares of CUBE stock opened at $41.76 on Friday. CubeSmart has a 52 week low of $39.80 and a 52 week high of $55.14. The company has a market capitalization of $9.45 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 11.58 and a beta of 0.87. The company has a 50-day simple moving average of $41.81 and a 200 day simple moving average of $46.92. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last issued 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 business had revenue of $231.41 million during the quarter, compared to analysts’ expectations of $267.54 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. On average, sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 120.93%.

Institutional Trading of CubeSmart

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of CubeSmart by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust’s stock valued at $1,350,080,000 after purchasing an additional 85,609 shares during the last quarter. Norges Bank acquired a new position in CubeSmart in the fourth quarter valued at $408,064,000. T. Rowe Price Investment Management Inc. boosted its position in CubeSmart by 27.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust’s stock valued at $288,259,000 after acquiring an additional 1,464,331 shares during the last quarter. Geode Capital Management LLC grew its holdings in CubeSmart by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,593,010 shares of the real estate investment trust’s stock worth $247,295,000 after acquiring an additional 50,340 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of CubeSmart by 8.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after acquiring an additional 352,754 shares in the last quarter. 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.