Royal Bank of Canada Lowers CubeSmart (NYSE:CUBE) Price Target to $53.00

CubeSmart (NYSE:CUBE) had its price target reduced by Royal Bank of Canada from $56.00 to $53.00 in a report published on Monday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

CUBE has been the topic of several other research reports. Wells Fargo & Company boosted their price target on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Jefferies Financial Group boosted their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Barclays decreased their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Evercore ISI upped their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Finally, Scotiabank began coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $51.45.

CubeSmart Price Performance

CUBE stock opened at $46.69 on Monday. The company has a current ratio of 0.20, a quick ratio of 0.03 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $10.56 billion, a P/E ratio of 26.38, a PEG ratio of 8.77 and a beta of 0.84. The business has a 50 day simple moving average of $51.24 and a 200-day simple moving average of $47.24. CubeSmart has a twelve month low of $35.58 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share 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 business had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same quarter in the prior year, the company earned $0.68 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

Institutional Trading of CubeSmart

Several hedge funds and other institutional investors have recently made changes to their positions in CUBE. Whittier Trust Co. increased its holdings in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 323 shares in the last quarter. UMB Bank n.a. increased its stake in CubeSmart by 302.0% in the 3rd quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in CubeSmart during the second quarter worth $33,000. Larson Financial Group LLC purchased a new stake in CubeSmart during the first quarter worth $45,000. Finally, Quarry LP grew its holdings in CubeSmart by 195.6% in the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 757 shares during 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.