CubeSmart (NYSE:CUBE) Stock Rating Lowered by UBS Group

UBS Group cut shares of CubeSmart (NYSE:CUBE) from a buy rating to a neutral rating in a report released on Friday morning, Marketbeat reports. The brokerage currently has $54.00 price target on the real estate investment trust’s stock, up from their previous price target of $53.00.

A number of other research firms also recently issued reports on CUBE. Scotiabank initiated coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They set a sector outperform rating and a $53.00 target price for the company. Raymond James increased their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. BMO Capital Markets downgraded shares of CubeSmart from an outperform rating to a market perform rating and dropped their target price for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Wells Fargo & Company increased their target price on shares of CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada began coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They issued an outperform rating and a $56.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $49.75.

CubeSmart Trading Up 1.0 %

NYSE CUBE opened at $54.56 on Friday. CubeSmart has a 12 month low of $33.17 and a 12 month high of $54.64. The company has a 50-day moving average of $49.40 and a 200-day moving average of $45.54. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.03 and a quick ratio of 0.03. The company has a market cap of $12.29 billion, a P/E ratio of 30.31, a P/E/G ratio of 9.86 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The company had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. During the same period in the prior year, the company earned $0.66 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Insider Buying and Selling

In related news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total value of $366,054.70. Following the transaction, the insider now owns 182,460 shares in the company, valued at $8,630,358. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock worth $4,244,344 over the last ninety days. 1.68% of the stock is owned by insiders.

Institutional Investors Weigh In On CubeSmart

Several large investors have recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. increased its position in CubeSmart by 0.8% in the fourth quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust’s stock worth $1,599,000 after buying an additional 266 shares during the period. Covestor Ltd increased its position in CubeSmart by 11.8% in the first quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 278 shares during the period. Fifth Third Bancorp increased its position in CubeSmart by 14.7% in the second quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 311 shares during the period. Whittier Trust Co. increased its position in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares during the period. Finally, Mirador Capital Partners LP increased its position in CubeSmart by 2.7% in the second quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock worth $706,000 after buying an additional 406 shares during the period. 97.61% of the stock is owned by institutional investors and hedge funds.

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.