CubeSmart (NYSE:CUBE) Price Target Raised to $42.00 at Scotiabank

Key Points

• Scotiabank raised its price target on CubeSmart to $42.00 (from $39.00) and maintains a "sector perform" rating, implying about an 8.48% upside from the current price.
• Analyst consensus is a "Hold" with an average price target of $43.86 (five Buys vs. eleven Holds), reflecting mixed broker views on the REIT.
• Insider Jeffrey P. Foster sold 23,148 shares at an average of $41.02 (≈$949,531), cutting his position by 10.14%; insiders now own 1.69% of the stock.

CubeSmart (NYSE:CUBE - Get Free Report) had its target price increased by research analysts at Scotiabank from $39.00 to $42.00 in a report issued on Friday,Benzinga reports. The firm presently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's price target suggests a potential upside of 8.48% from the company's current price.

A number of other brokerages have also issued reports on CUBE. Truist Financial dropped their price target on shares of CubeSmart from $48.00 to $42.00 and set a "buy" rating on the stock in a research note on Tuesday, December 16th. Barclays boosted their target price on CubeSmart from $43.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 5th. Wall Street Zen downgraded CubeSmart from a "hold" rating to a "sell" rating in a research note on Sunday, March 1st. Mizuho dropped their price objective on CubeSmart from $43.00 to $38.00 and set a "neutral" rating on the stock in a report on Friday, December 5th. Finally, UBS Group cut their price objective on CubeSmart from $38.00 to $37.00 and set a "neutral" rating for the company in a research report on Thursday, January 8th. Five research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, CubeSmart presently has a consensus rating of "Hold" and an average price target of $43.86.

CubeSmart Stock Performance

Shares of NYSE CUBE traded up $0.51 during mid-day trading on Friday, hitting $38.72. 592,255 shares of the company were exchanged, compared to its average volume of 2,333,461. The stock has a 50 day simple moving average of $38.69 and a 200-day simple moving average of $38.71. CubeSmart has a 1-year low of $34.24 and a 1-year high of $44.13. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.24. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 26.77 and a beta of 1.10.

Insiders Place Their Bets

In other news, insider Jeffrey P. Foster sold 23,148 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $41.02, for a total transaction of $949,530.96. Following the completion of the transaction, the insider directly owned 205,057 shares of the company's stock, valued at $8,411,438.14. This trade represents a 10.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CUBE. Wiser Advisor Group LLC bought a new position in shares of CubeSmart during the third quarter valued at approximately $28,000. Private Trust Co. NA increased its position in shares of CubeSmart by 209.6% during the third quarter. Private Trust Co. NA now owns 706 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 478 shares during the period. Geneos Wealth Management Inc. lifted its position in CubeSmart by 174.8% during the second quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust's stock valued at $38,000 after acquiring an additional 568 shares during the last quarter. Huntington National Bank boosted its stake in shares of CubeSmart by 43.3% in the third quarter. Huntington National Bank now owns 977 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 295 shares during the last quarter. Finally, SJS Investment Consulting Inc. purchased a new position in shares of CubeSmart during the third quarter worth $42,000. Hedge funds and other institutional investors own 97.61% of the company's stock.

CubeSmart Company Profile

CubeSmart NYSE: CUBE is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company's portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart's facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.

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