BNP Paribas Upgrades CubeSmart (NYSE:CUBE) to "Hold"

BNP Paribas upgraded shares of CubeSmart (NYSE:CUBE - Free Report) to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $50.00 in a research note on Tuesday, May 13th. Wolfe Research began coverage on CubeSmart in a research note on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Mizuho boosted their price target on CubeSmart from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Finally, Scotiabank lifted their price objective on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a report on Monday, May 12th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $47.38.

CubeSmart Price Performance

Shares of NYSE CUBE traded up $0.07 during trading on Tuesday, reaching $42.35. The company had a trading volume of 2,194,839 shares, compared to its average volume of 1,545,098. The stock has a 50-day moving average price of $42.13 and a two-hundred day moving average price of $41.78. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The stock has a market capitalization of $9.65 billion, a PE ratio of 25.06, a price-to-earnings-growth ratio of 7.77 and a beta of 0.98. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17.

CubeSmart (NYSE:CUBE - Get Free Report) last released its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The firm had revenue of $273.04 million during the quarter, compared to analysts' expectations of $268.16 million. During the same period in the previous year, the company earned $0.64 EPS. CubeSmart's revenue for the quarter was up 4.4% on a year-over-year basis. As a group, sell-side analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.91%. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Voya Investment Management LLC raised its position in CubeSmart by 4.2% in the first quarter. Voya Investment Management LLC now owns 32,440 shares of the real estate investment trust's stock worth $1,386,000 after acquiring an additional 1,311 shares in the last quarter. BROOKFIELD Corp ON acquired a new position in CubeSmart during the first quarter valued at $9,188,000. Anson Funds Management LP increased its holdings in shares of CubeSmart by 93.5% in the 1st quarter. Anson Funds Management LP now owns 62,090 shares of the real estate investment trust's stock valued at $2,652,000 after purchasing an additional 30,000 shares during the period. Strs Ohio acquired a new position in shares of CubeSmart in the first quarter worth $16,354,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in CubeSmart by 19.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,785,460 shares of the real estate investment trust's stock valued at $76,257,000 after purchasing an additional 287,792 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Company Profile

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.