CubeSmart (NYSE:CUBE) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of CubeSmart (NYSE:CUBE) from a hold rating to a buy rating in a research report released on Monday morning, Zacks.com reports. They currently have $39.00 target price on the real estate investment trust’s stock.

According to Zacks, “CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States. Its self storage facilities are designed to offer storage space for residential and commercial customers. CubeSmart, formally known as U-Store-It Trust, is based in Wayne, Pennsylvania. “

Other analysts have also recently issued reports about the stock. ValuEngine cut shares of CubeSmart from a buy rating to a hold rating in a research note on Thursday, August 1st. Bank of America cut shares of CubeSmart from a buy rating to a neutral rating in a research note on Friday, July 19th. Raymond James boosted their price objective on shares of CubeSmart from $36.00 to $38.00 and gave the company an outperform rating in a research note on Tuesday, September 17th. Stifel Nicolaus started coverage on shares of CubeSmart in a research note on Monday, August 19th. They set a hold rating and a $35.00 price objective for the company. Finally, Robert W. Baird set a $35.00 price objective on shares of CubeSmart and gave the company a hold rating in a research note on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $33.03.

Shares of CUBE opened at $35.14 on Monday. The stock has a fifty day moving average of $35.40 and a two-hundred day moving average of $33.74. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.09 and a current ratio of 0.09. The company has a market capitalization of $6.61 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 6.27 and a beta of 0.16. CubeSmart has a fifty-two week low of $27.19 and a fifty-two week high of $36.32.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.15). The business had revenue of $159.00 million during the quarter, compared to analyst estimates of $158.86 million. CubeSmart had a net margin of 29.33% and a return on equity of 10.19%. The company’s revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. As a group, equities research analysts forecast that CubeSmart will post 1.67 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.32 per share. The ex-dividend date is Monday, September 30th. This represents a $1.28 annualized dividend and a dividend yield of 3.64%. CubeSmart’s dividend payout ratio is presently 78.05%.

In related news, CEO Christopher P. Marr sold 79,888 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $36.15, for a total transaction of $2,887,951.20. Following the completion of the sale, the chief executive officer now directly owns 403,687 shares of the company’s stock, valued at approximately $14,593,285.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy M. Martin sold 17,791 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $35.80, for a total transaction of $636,917.80. Following the sale, the chief financial officer now directly owns 200,027 shares of the company’s stock, valued at $7,160,966.60. The disclosure for this sale can be found here. Insiders have sold a total of 129,707 shares of company stock valued at $4,669,870 over the last three months. Corporate insiders own 1.04% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CUBE. FMR LLC boosted its position in CubeSmart by 1,578.5% during the 1st quarter. FMR LLC now owns 10,155,446 shares of the real estate investment trust’s stock worth $325,381,000 after purchasing an additional 9,550,430 shares during the period. Price T Rowe Associates Inc. MD boosted its position in CubeSmart by 29.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,366,989 shares of the real estate investment trust’s stock valued at $346,672,000 after buying an additional 2,382,832 shares during the last quarter. Eaton Vance Management boosted its position in CubeSmart by 376.4% in the 2nd quarter. Eaton Vance Management now owns 2,176,615 shares of the real estate investment trust’s stock valued at $72,786,000 after buying an additional 1,719,753 shares during the last quarter. Cohen & Steers Inc. boosted its position in CubeSmart by 34.0% in the 2nd quarter. Cohen & Steers Inc. now owns 3,092,619 shares of the real estate investment trust’s stock valued at $103,417,000 after buying an additional 784,976 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in CubeSmart by 8.4% in the 1st quarter. Principal Financial Group Inc. now owns 7,225,406 shares of the real estate investment trust’s stock valued at $231,503,000 after buying an additional 559,895 shares during the last quarter. 98.90% of the stock is owned by hedge funds and other institutional investors.

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 secure storage space for residential and commercial customers. According to the 2019 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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