CubeSmart (NYSE:CUBE) Earns Outperform Rating from Analysts at Wolfe Research

by · The Cerbat Gem

Wolfe Research assumed coverage on shares of CubeSmart (NYSE:CUBE – Free Report) in a research report report published on Monday morning, Marketbeat.com reports. The firm issued an outperform rating and a $48.00 price objective on the real estate investment trust’s stock.

Several other analysts also recently weighed in on the company. Mizuho began coverage on CubeSmart in a report on Wednesday, April 9th. They issued a “neutral” rating and a $39.00 price objective for the company. Scotiabank lifted their price objective on CubeSmart from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Monday, May 12th. Bank of America upgraded CubeSmart from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. KeyCorp upgraded CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Finally, Evercore ISI lifted their price objective on CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $47.07.

View Our Latest Analysis on CUBE

CubeSmart Stock Down 4.2%

NYSE:CUBE opened at $41.58 on Monday. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The stock has a fifty day simple moving average of $40.71 and a 200-day simple moving average of $42.88. 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 – Get Free Report) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. During the same period last year, the company earned $0.64 earnings per share. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.00%. CubeSmart’s payout ratio is 123.08%.

Institutional Investors Weigh In On CubeSmart

Large investors have recently modified their holdings of the business. Bank of Montreal Can boosted its position in CubeSmart by 19.7% in the fourth quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust’s stock valued at $3,021,000 after buying an additional 11,608 shares during the last quarter. Norges Bank purchased a new stake in CubeSmart in the fourth quarter valued at approximately $408,064,000. Raymond James Financial Inc. purchased a new stake in CubeSmart in the fourth quarter valued at approximately $21,278,000. LPL Financial LLC boosted its position in CubeSmart by 19.2% in the fourth quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust’s stock valued at $4,654,000 after buying an additional 17,518 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock valued at $184,232,000 after buying an additional 352,754 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

About CubeSmart

(Get Free Report)

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.

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