CubeSmart (NYSE:CUBE) Price Target Cut to $52.00 by Analysts at Scotiabank

CubeSmart (NYSE:CUBE) had its price objective lowered by investment analysts at Scotiabank from $53.00 to $52.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s target price indicates a potential upside of 2.81% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company lifted their price target on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Evercore ISI lifted their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Barclays reduced their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Finally, Jefferies Financial Group lifted their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, CubeSmart has an average rating of “Hold” and a consensus price target of $51.36.

CubeSmart Stock Performance

Shares of CUBE stock traded up $1.67 on Monday, hitting $50.58. The company’s stock had a trading volume of 560,618 shares, compared to its average volume of 1,348,054. CubeSmart has a fifty-two week low of $38.31 and a fifty-two week high of $55.14. The company has a market capitalization of $11.44 billion, a PE ratio of 28.58, a PEG ratio of 13.73 and a beta of 0.84. The stock’s 50 day moving average is $50.21 and its 200-day moving average is $47.86. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last announced its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The business had revenue of $270.90 million for the quarter, compared to analyst estimates of $267.49 million. During the same quarter in the previous year, the company earned $0.68 EPS. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CubeSmart

Hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new stake in CubeSmart in the 3rd quarter worth about $628,000. Anchor Investment Management LLC purchased a new stake in shares of CubeSmart during the third quarter worth $79,000. Virtu Financial LLC bought a new position in shares of CubeSmart in the third quarter worth $566,000. Chiron Investment Management LLC bought a new stake in shares of CubeSmart during the 3rd quarter valued at $618,000. Finally, Coldstream Capital Management Inc. lifted its holdings in CubeSmart by 4.3% during the 3rd quarter. Coldstream Capital Management Inc. now owns 45,209 shares of the real estate investment trust’s stock worth $2,433,000 after purchasing an additional 1,857 shares in the last quarter. Hedge funds and other institutional investors 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.