CubeSmart (NYSE:CUBE) Receives $49.73 Average Price Target from Brokerages

Shares of CubeSmart (NYSE:CUBE) have been given an average recommendation of “Hold” by the eleven brokerages that are covering the company, Marketbeat reports. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $49.73.

A number of research firms have recently commented on CUBE. Scotiabank lowered their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Truist Financial raised CubeSmart from a “hold” rating to a “buy” rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Royal Bank of Canada reduced their target price on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. Jefferies Financial Group cut shares of CubeSmart from a “buy” rating to a “hold” rating and lowered their price target for the company from $57.00 to $46.00 in a research report on Thursday, January 2nd. Finally, Wells Fargo & Company upped their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st.

CubeSmart Price Performance

CUBE stock opened at $42.38 on Monday. The firm has a 50-day moving average of $43.13 and a 200 day moving average of $47.65. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company has a market cap of $9.58 billion, a P/E ratio of 23.94, a PEG ratio of 11.48 and a beta of 0.87. CubeSmart has a 1 year low of $39.80 and a 1 year high of $55.14.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.52 per share. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.91%. CubeSmart’s dividend payout ratio is presently 117.51%.

Hedge Funds Weigh In On CubeSmart

A number of hedge funds have recently added to or reduced their stakes in CUBE. Quarry LP boosted its stake in CubeSmart by 19.8% during the 3rd quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock valued at $74,000 after purchasing an additional 227 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of CubeSmart by 3.6% during the third quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock valued at $358,000 after buying an additional 233 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of CubeSmart by 0.8% during the third quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock valued at $1,758,000 after buying an additional 243 shares during the last quarter. Captrust Financial Advisors increased its holdings in CubeSmart by 4.5% in the 3rd quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock worth $309,000 after buying an additional 248 shares in the last quarter. Finally, Blue Trust Inc. raised its position in CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 289 shares during the last quarter. 97.61% of the stock is currently 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, 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.