BMO Capital Markets Lowers CubeSmart (NYSE:CUBE) to Market Perform

BMO Capital Markets lowered shares of CubeSmart (NYSE:CUBEFree Report) from an outperform rating to a market perform rating in a report released on Wednesday morning, MarketBeat reports. The firm currently has $47.00 target price on the real estate investment trust’s stock, down from their previous target price of $50.00.

Other equities analysts also recently issued research reports about the stock. Evercore ISI increased their price target on shares of CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a report on Monday, March 4th. Barclays assumed coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They set an equal weight rating and a $48.00 price objective on the stock. Raymond James reaffirmed an outperform rating and set a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They set a sell rating and a $40.00 price objective on the stock. Finally, Wells Fargo & Company raised their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $46.17.

View Our Latest Stock Report on CubeSmart

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $42.31 on Wednesday. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81. The company’s 50 day moving average is $42.88 and its 200 day moving average is $43.38. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market cap of $9.52 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 5.03 and a beta of 0.72.

CubeSmart (NYSE:CUBEGet Free Report) last issued its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.22). CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The business had revenue of $261.41 million during the quarter, compared to analyst estimates of $253.91 million. During the same quarter last year, the company posted $0.65 EPS. CubeSmart’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, sell-side analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be paid a $0.51 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.04 dividend on an annualized basis and a yield of 4.82%. CubeSmart’s dividend payout ratio is currently 113.33%.

Institutional Investors Weigh In On CubeSmart

A number of institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. purchased a new position in CubeSmart in the 1st quarter valued at $26,000. Rise Advisors LLC purchased a new position in CubeSmart in the 1st quarter valued at $26,000. GAMMA Investing LLC purchased a new position in CubeSmart in the 4th quarter valued at $28,000. Signaturefd LLC lifted its holdings in CubeSmart by 72.5% in the 4th quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 292 shares in the last quarter. Finally, Ceredex Value Advisors LLC purchased a new position in CubeSmart in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for CubeSmart (NYSE:CUBE)

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