CubeSmart (NYSE:CUBE) Raised to Buy at Bank of America

Bank of America upgraded shares of CubeSmart (NYSE:CUBE - Free Report) from a neutral rating to a buy rating in a report issued on Tuesday, Marketbeat Ratings reports. Bank of America currently has $50.00 price target on the real estate investment trust's stock, up from their prior price target of $44.00.

A number of other analysts have also recently commented on CUBE. Scotiabank lifted their target price on CubeSmart from $40.00 to $45.00 and gave the stock a "sector perform" rating in a research report on Monday. Wells Fargo & Company cut their target price on CubeSmart from $50.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. KeyCorp upgraded CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Truist Financial upgraded CubeSmart from a "hold" rating to a "buy" rating and cut their target price for the stock from $50.00 to $47.00 in a research report on Friday, January 17th. Finally, Barclays cut 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. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $46.93.

CubeSmart Stock Up 2.4%

CubeSmart stock traded up $1.00 during midday trading on Tuesday, reaching $43.67. The company's stock had a trading volume of 1,745,436 shares, compared to its average volume of 1,481,929. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $55.14. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market cap of $9.96 billion, a P/E ratio of 24.67, a P/E/G ratio of 11.58 and a beta of 1.00. The business has a 50-day simple moving average of $40.59 and a 200-day simple moving average of $43.00.

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

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.76%. The ex-dividend date was Tuesday, April 1st. CubeSmart's dividend payout ratio (DPR) is presently 123.08%.

Hedge Funds Weigh In On CubeSmart

Several institutional investors have recently added to or reduced their stakes in CUBE. Bank of Montreal Can increased its position in CubeSmart by 19.7% during the 4th quarter. Bank of Montreal Can now owns 70,505 shares of the real estate investment trust's stock worth $3,021,000 after purchasing an additional 11,608 shares during the period. Norges Bank acquired a new position in CubeSmart during the 4th quarter worth approximately $408,064,000. Raymond James Financial Inc. acquired a new position in CubeSmart during the 4th quarter worth approximately $21,278,000. Oak Thistle LLC increased its position in CubeSmart by 232.9% during the 4th quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust's stock worth $1,383,000 after purchasing an additional 22,582 shares during the period. Finally, LPL Financial LLC increased its position in CubeSmart by 19.2% during the 4th quarter. LPL Financial LLC now owns 108,610 shares of the real estate investment trust's stock worth $4,654,000 after purchasing an additional 17,518 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

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.