Royal Bank Of Canada Cuts CubeSmart (NYSE:CUBE) Price Target to $47.00

Key Points

• Royal Bank of Canada has lowered its price target for CubeSmart from $48.00 to $47.00, maintaining an "outperform" rating, which implies an estimated potential upside of 18.19% from its current price.
• Other analysts have provided varied ratings and price targets for CubeSmart, with Scotiabank increasing its target to $45.00 and Bank of America raising its rating to "buy" with a target of $50.00.
• CubeSmart's stock has been trading around $39.77, and the company recently reported earnings of $0.65 per share, exceeding analysts' expectations and reflecting a 6% year-over-year revenue increase.

CubeSmart (NYSE:CUBE - Get Free Report) had its price objective dropped by investment analysts at Royal Bank Of Canada from $48.00 to $47.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's price target would suggest a potential upside of 18.19% from the stock's current price.

CUBE has been the topic of several other reports. Scotiabank raised their price objective on CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Evercore ISI raised their target price on CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Bank of America raised CubeSmart from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $50.00 in a research report on Tuesday, May 13th. Truist Financial increased their price objective on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Finally, BMO Capital Markets upgraded shares of CubeSmart from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, CubeSmart currently has an average rating of "Hold" and an average price target of $47.13.

CubeSmart Trading Down 0.3%

Shares of CubeSmart stock traded down $0.13 during trading hours on Monday, reaching $39.77. The stock had a trading volume of 206,812 shares, compared to its average volume of 1,808,016. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 24.19, a P/E/G ratio of 7.33 and a beta of 0.94. CubeSmart has a 1 year low of $34.24 and a 1 year high of $55.14. The company has a current ratio of 0.06, a quick ratio of 0.07 and a debt-to-equity ratio of 1.18. The firm has a 50 day simple moving average of $42.24 and a two-hundred day simple moving average of $41.59.

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

Institutional Trading of CubeSmart

Several hedge funds and other institutional investors have recently bought and sold shares of CUBE. T. Rowe Price Investment Management Inc. lifted its position in shares of CubeSmart by 28.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust's stock worth $370,049,000 after buying an additional 1,937,055 shares during the last quarter. Capital World Investors raised its stake in CubeSmart by 184.5% during the fourth quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock worth $126,161,000 after acquiring an additional 1,909,496 shares during the period. Alyeska Investment Group L.P. lifted its holdings in CubeSmart by 219.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock worth $110,323,000 after acquiring an additional 1,768,626 shares during the last quarter. Millennium Management LLC boosted its stake in CubeSmart by 129.6% in the first quarter. Millennium Management LLC now owns 2,261,419 shares of the real estate investment trust's stock valued at $96,585,000 after acquiring an additional 1,276,340 shares during the period. Finally, Nuveen LLC bought a new position in shares of CubeSmart during the first quarter valued at approximately $53,980,000. 97.61% of the stock is 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.

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