Scotiabank Downgrades CubeSmart (NYSE:CUBE) to Sector Perform

CubeSmart (NYSE:CUBE) was downgraded by equities researchers at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They presently have a $46.00 price target on the real estate investment trust’s stock, down from their prior price target of $52.00. Scotiabank’s price target would indicate a potential upside of 8.91% from the stock’s current price.

CUBE has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and cut their target price for the company from $46.00 to $45.00 in a research note on Friday, January 10th. Royal Bank of Canada dropped their price objective on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday. Wells Fargo & Company dropped their price objective on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and lowered their target price for the company from $57.00 to $46.00 in a research note on Thursday, January 2nd. Finally, Barclays lowered their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $48.08.

CubeSmart Stock Performance

Shares of NYSE CUBE opened at $42.24 on Wednesday. The business has a fifty day simple moving average of $41.80 and a 200 day simple moving average of $46.89. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $9.62 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 11.58 and a beta of 0.88. CubeSmart has a one year low of $39.80 and a one year high of $55.14.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.23. The business had revenue of $231.41 million during the quarter, compared to analyst estimates of $267.54 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. Sell-side analysts expect that CubeSmart will post 2.64 EPS for the current year.

Hedge Funds Weigh In On CubeSmart

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

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.