CubeSmart (NYSE:CUBE) Price Target Raised to $45.00 at Scotiabank

CubeSmart (NYSE:CUBE - Get Free Report) had its price objective raised by equities research analysts at Scotiabank from $40.00 to $45.00 in a report released on Monday,Benzinga reports. The firm presently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's target price would indicate a potential upside of 5.39% from the company's previous close.

Several other research analysts have also recently commented on the stock. Truist Financial upgraded shares of CubeSmart from a "hold" rating to a "buy" rating and decreased their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Wells Fargo & Company decreased their price objective on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Barclays lowered their target price on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. Evercore ISI boosted their price target on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Finally, KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $46.77.

CubeSmart Stock Performance

NYSE:CUBE traded up $0.03 during midday trading on Monday, reaching $42.70. 303,848 shares of the company traded hands, compared to its average volume of 1,784,643. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of 24.14, a price-to-earnings-growth ratio of 11.58 and a beta of 1.00. The company has a fifty day moving average price of $40.58 and a 200 day moving average price of $43.09. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. The company had revenue of $273.04 million during the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

Institutional Investors Weigh In On CubeSmart

A number of institutional investors and hedge funds have recently bought and sold shares of CUBE. Blue Trust Inc. raised its holdings in shares of CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 289 shares in the last quarter. Jones Financial Companies Lllp grew its position in CubeSmart by 134.1% in the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after buying an additional 389 shares during the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock valued at $32,000 after buying an additional 559 shares in the last quarter. Allworth Financial LP increased its holdings in shares of CubeSmart by 115.2% in the first quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock valued at $37,000 after buying an additional 501 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of CubeSmart by 59.4% during the 4th quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust's stock valued at $40,000 after acquiring an additional 351 shares during the last quarter. 97.61% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.