CubeSmart (NYSE:CUBE) Upgraded to "Hold" at BNP Paribas

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

Several other analysts have also recently issued reports on the company. Truist Financial upped their price objective on CubeSmart from $47.00 to $48.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Evercore ISI upped their price target on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Barclays lowered their price objective on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Wolfe Research began coverage on shares of CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price on the stock. Finally, BNP Paribas Exane started coverage on shares of CubeSmart in a report on Tuesday. They issued a "neutral" rating and a $46.00 price target for the company. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, CubeSmart currently has a consensus rating of "Hold" and an average target price of $47.38.

CubeSmart Price Performance

CUBE traded down $0.94 during trading on Tuesday, reaching $42.17. 2,069,177 shares of the company traded hands, compared to its average volume of 1,796,927. The company has a market cap of $9.61 billion, a P/E ratio of 24.95, a PEG ratio of 7.88 and a beta of 0.98. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. The firm has a fifty day simple moving average of $41.94 and a 200 day simple moving average of $41.84.

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 analysts' consensus estimates of $0.62 by $0.02. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The company had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. During the same period in the previous year, the firm posted $0.64 EPS. CubeSmart's revenue for the quarter was up 4.4% compared to the same quarter last year. On average, equities analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business 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 dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.08 dividend on an annualized basis and a yield of 4.93%. CubeSmart's payout ratio is 123.08%.

Hedge Funds Weigh In On CubeSmart

A number of hedge funds have recently added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its holdings in shares of CubeSmart by 7.4% in the first quarter. Bessemer Group Inc. now owns 3,721 shares of the real estate investment trust's stock valued at $158,000 after purchasing an additional 255 shares during the period. Blue Trust Inc. raised its position in CubeSmart by 74.9% during the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 289 shares in the last quarter. Covestor Ltd lifted its holdings in shares of CubeSmart by 22.8% in the 1st quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust's stock worth $67,000 after buying an additional 292 shares during the period. UniSuper Management Pty Ltd lifted its holdings in shares of CubeSmart by 0.5% in the 1st quarter. UniSuper Management Pty Ltd now owns 63,200 shares of the real estate investment trust's stock worth $2,699,000 after buying an additional 300 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in shares of CubeSmart by 0.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 53,212 shares of the real estate investment trust's stock worth $2,280,000 after buying an additional 306 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

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.