Scotiabank Cuts CubeSmart (NYSE:CUBE) Price Target to $52.00

CubeSmart (NYSE:CUBE) had its target price trimmed by Scotiabank from $53.00 to $52.00 in a report released on Monday morning,Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

Several other analysts have also issued reports on CUBE. Wells Fargo & Company increased their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and lifted their price target for the company from $53.00 to $54.00 in a research note on Friday, September 13th. Jefferies Financial Group upped their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Barclays reduced their price objective on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Finally, Evercore ISI boosted their target price on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $51.36.

CubeSmart Stock Performance

Shares of CUBE stock opened at $50.14 on Monday. CubeSmart has a 52 week low of $38.34 and a 52 week high of $55.14. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 28.49, a PEG ratio of 14.00 and a beta of 0.84. The company has a 50-day simple moving average of $50.04 and a 200 day simple moving average of $47.97. 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 announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The business had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 EPS. On average, sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

Institutional Investors Weigh In On CubeSmart

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

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.