CubeSmart (NYSE:CUBE) Given New $47.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has lowered the target price for CubeSmart (NYSE:CUBE) from $48.00 to $47.00, while maintaining an "in-line" rating.
• Despite the downgrade, CubeSmart's stock shows a potential upside of 17.76% from its current price, according to Evercore ISI's new target.
• Analyst ratings for CubeSmart are mixed, with 10 hold ratings and 6 buy ratings, indicating a consensus rating of "Hold" based on a target price average of $47.13.

CubeSmart (NYSE:CUBE - Free Report) had its price objective reduced by Evercore ISI from $48.00 to $47.00 in a research note published on Monday,Benzinga reports. They currently have an in-line rating on the real estate investment trust's stock.

Other research analysts have also issued reports about the company. Barclays decreased their price objective on CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Mizuho upped their price objective on CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. BMO Capital Markets raised CubeSmart from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $48.00 to $49.00 in a report on Friday, June 20th. Bank of America upgraded CubeSmart from a "neutral" rating to a "buy" rating and upped their target price for the company from $44.00 to $50.00 in a research report on Tuesday, May 13th. Finally, Wolfe Research started coverage on CubeSmart in a research report on Monday, May 19th. They set an "outperform" rating and a $48.00 target price for the company. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $47.13.

CubeSmart Stock Up 0.1%

NYSE CUBE traded up $0.05 during trading on Monday, hitting $39.71. The stock had a trading volume of 147,962 shares, compared to its average volume of 1,805,747. The company has a market capitalization of $9.05 billion, a PE ratio of 24.21, a P/E/G ratio of 7.30 and a beta of 0.94. The company's 50-day moving average price is $42.17 and its two-hundred day moving average price is $41.57. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.07 and a current ratio of 0.06. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The business's quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 EPS. As a group, sell-side analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend is Wednesday, October 1st. CubeSmart's payout ratio is 126.83%.

Institutional Trading of CubeSmart

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP boosted its stake in shares of CubeSmart by 115.2% in the 1st quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust's stock worth $37,000 after buying an additional 501 shares during the last quarter. Huntington National Bank boosted its stake in shares of CubeSmart by 307.0% in the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock worth $52,000 after buying an additional 915 shares during the last quarter. Covestor Ltd boosted its stake 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 last quarter. Hantz Financial Services Inc. boosted its stake in shares of CubeSmart by 1,776.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,651 shares of the real estate investment trust's stock worth $70,000 after buying an additional 1,563 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in shares of CubeSmart by 82.8% in the 2nd quarter. Signaturefd LLC now owns 1,680 shares of the real estate investment trust's stock worth $71,000 after buying an additional 761 shares during the last quarter. Institutional investors 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.