CubeSmart (NYSE:CUBE) Reaches New 52-Week High at $52.75

Shares of CubeSmart (NYSE:CUBEGet Free Report) hit a new 52-week high on Tuesday . The company traded as high as $52.75 and last traded at $52.75, with a volume of 110858 shares trading hands. The stock had previously closed at $51.96.

Analyst Ratings Changes

CUBE has been the subject of a number of research reports. Raymond James upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Royal Bank of Canada began coverage on CubeSmart in a research report on Tuesday. They set an “outperform” rating and a $56.00 price objective for the company. Wells Fargo & Company raised their target price on CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Finally, Barclays raised their price objective on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $49.33.

View Our Latest Stock Analysis on CUBE

CubeSmart Stock Up 3.2 %

The firm has a market cap of $12.07 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 9.48 and a beta of 0.82. The firm has a fifty day moving average price of $48.45 and a 200-day moving average price of $45.17. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

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

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.81%. CubeSmart’s dividend payout ratio (DPR) is 113.33%.

Insiders Place Their Bets

In related news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the sale, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the completion of the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock worth $4,244,344 over the last ninety days. 1.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On CubeSmart

A number of hedge funds have recently bought and sold shares of CUBE. Vanguard Group Inc. boosted its stake in CubeSmart by 0.9% in the first quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock valued at $1,443,316,000 after acquiring an additional 274,493 shares during the period. Norges Bank acquired a new position in CubeSmart during the 4th quarter worth $444,818,000. Price T Rowe Associates Inc. MD grew its stake in shares of CubeSmart by 26.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock worth $257,191,000 after purchasing an additional 1,205,097 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of CubeSmart by 16.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock valued at $201,692,000 after purchasing an additional 615,035 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in CubeSmart by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after buying an additional 169,600 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

About CubeSmart

(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.

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