Truist Financial Initiates Coverage on CubeSmart (NYSE:CUBE)

Key Points

• Truist Financial initiated coverage of CubeSmart with a “buy” rating and a $41 price target, implying approximately 8.35% upside from the reported $37.84 share price.
• Analyst sentiment remains mixed: six analysts rate the stock a Buy and eight rate it a Hold, producing a consensus rating of “Hold” and an average price target of $43.18.
• CubeSmart’s latest quarterly results showed revenue of $286.49 million, ahead of expectations, but earnings per share of $0.39 missed estimates of $0.64; institutional investors own 97.61% of the company.

Research analysts at Truist Financial started coverage on shares of CubeSmart (NYSE:CUBE - Get Free Report) in a report released on Friday. The brokerage set a "buy" rating and a $41.00 price target on the real estate investment trust's stock. Truist Financial's target price indicates a potential upside of 8.35% from the company's current price.

Several other brokerages also recently weighed in on CUBE. Evercore set a $46.00 price target on CubeSmart in a report on Monday, September 21st. Raymond James Financial started coverage on shares of CubeSmart in a research note on Wednesday, July 15th. They set an "outperform" rating and a $44.00 price objective for the company. Royal Bank Of Canada reiterated an "outperform" rating and issued a $47.00 target price on shares of CubeSmart in a research note on Tuesday, August 4th. KeyCorp reissued a "sector weight" rating on shares of CubeSmart in a report on Tuesday, August 4th. Finally, Mizuho lowered their price target on CubeSmart from $42.00 to $41.00 and set a "neutral" rating on the stock in a report on Wednesday, September 2nd. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, CubeSmart presently has a consensus rating of "Hold" and a consensus price target of $43.18.

CubeSmart Stock Up 0.8%

NYSE CUBE traded up $0.31 during trading hours on Friday, reaching $37.84. 76,179 shares of the company's stock traded hands, compared to its average volume of 2,289,818. CubeSmart has a 52-week low of $35.09 and a 52-week high of $43.26. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.07 and a quick ratio of 0.07. The firm has a 50-day simple moving average of $40.24 and a 200 day simple moving average of $39.84. The firm has a market cap of $8.52 billion, a PE ratio of 26.12, a PEG ratio of 6.35 and a beta of 1.05.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The real estate investment trust reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.25). CubeSmart had a return on equity of 12.35% and a net margin of 29.41%.The business had revenue of $286.49 million during the quarter, compared to analysts' expectations of $281.12 million. During the same quarter last year, the company posted $0.65 EPS. CubeSmart's revenue for the quarter was up 1.5% compared to the same quarter last year. Sell-side analysts anticipate that CubeSmart will post 2.57 EPS for the current fiscal year.

Hedge Funds Weigh In On CubeSmart

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Wealth Advisors LLC lifted its position in CubeSmart by 4.0% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 6,964 shares of the real estate investment trust's stock worth $255,000 after acquiring an additional 269 shares during the period. HighTower Advisors LLC increased its holdings in shares of CubeSmart by 0.5% in the second quarter. HighTower Advisors LLC now owns 59,947 shares of the real estate investment trust's stock valued at $2,384,000 after purchasing an additional 281 shares during the period. Fifth Third Bancorp raised its stake in shares of CubeSmart by 12.5% in the first quarter. Fifth Third Bancorp now owns 2,608 shares of the real estate investment trust's stock worth $96,000 after purchasing an additional 289 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of CubeSmart by 15.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,204 shares of the real estate investment trust's stock worth $79,000 after purchasing an additional 295 shares during the last quarter. Finally, Brown Financial Advisors lifted its holdings in shares of CubeSmart by 5.4% during the second quarter. Brown Financial Advisors now owns 6,516 shares of the real estate investment trust's stock worth $259,000 after purchasing an additional 336 shares during the period. Hedge funds and other institutional investors own 97.61% of the company's stock.

About CubeSmart

CubeSmart NYSE: CUBE is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. Its properties provide individuals and businesses with space to store household goods, personal belongings, business inventory, records, vehicles and other items.

The company offers a range of unit sizes and storage solutions, generally through traditional drive-up and climate-controlled facilities. Many locations also provide features such as electronic access, online rentals and payments, moving and packing supplies, and vehicle storage.

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