CubeSmart (NYSE:CUBE) Now Covered by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of CubeSmart (NYSE:CUBE) in a research report released on Tuesday morning, Marketbeat reports. The firm issued an outperform rating and a $56.00 price objective on the real estate investment trust’s stock.

Several other research analysts also recently weighed in on CUBE. Barclays lifted their target price on shares of CubeSmart from $48.00 to $55.00 and gave the stock an equal weight rating in a research report on Thursday, August 22nd. Wells Fargo & Company upped their price target on CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a research report on Friday, July 26th. BMO Capital Markets lowered CubeSmart from an outperform rating to a market perform rating and decreased their price objective for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Truist Financial lifted their target price on shares of CubeSmart from $44.00 to $50.00 and gave the company a hold rating in a research note on Friday, August 16th. Finally, Raymond James raised their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $49.33.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $53.92 on Tuesday. 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 stock has a market cap of $12.14 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 9.48 and a beta of 0.82. The stock’s 50 day moving average price is $49.01 and its 200 day moving average price is $45.35. CubeSmart has a 12 month low of $33.17 and a 12 month high of $54.00.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The business had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same quarter last year, the firm posted $0.66 earnings per share. CubeSmart’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 yield of 3.78%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is currently 113.33%.

Insider Activity at CubeSmart

In related news, insider Jeffrey P. Foster sold 7,739 shares of the company’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 completion of the transaction, the insider now directly owns 182,460 shares in the company, valued at $8,630,358. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction that occurred on 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 sale, 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 three months. Company insiders own 1.68% of the company’s stock.

Institutional Trading of CubeSmart

Large investors have recently added to or reduced their stakes in the company. Whittier Trust Co. grew its stake in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the last quarter. Rise Advisors LLC acquired a new position in CubeSmart during the 1st quarter worth $26,000. Mather Group LLC. bought a new position in CubeSmart in the first quarter valued at about $26,000. Ashton Thomas Private Wealth LLC acquired a new position in CubeSmart in the second quarter valued at approximately $33,000. Finally, Larson Financial Group LLC bought a new position in shares of CubeSmart in the 1st quarter worth $45,000. 97.61% of the stock is owned by institutional investors.

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.