CubeSmart (NYSE:CUBE) Rating Downgraded to Neutral at UBS Group

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CubeSmart (NYSE:CUBE – Get a Free Report) was downgraded by investment analysts at UBS Group from a “buy” rating to a “neutral” rating in a report issued on Friday, MarketBeat Ratings reports. They currently have a $54.00 price target on the real estate investment trust’s stock, up from their previous price target of $53.00.

A number of other brokerages have recently weighed in on CUBE. Royal Bank of Canada began coverage on CubeSmart in a research note on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective for the company. Evercore ISI boosted their price objective on CubeSmart from $51.00 to $52.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Scotiabank began coverage on CubeSmart in a report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price target on the stock. Truist Financial upped their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Finally, Raymond James upped their target price on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. CubeSmart presently has a consensus rating of “Hold” and an average target price of $49.67, based on data from MarketBeat.com.

See the latest stock report on CUBE

CubeSmart Stock 0.1%

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NYSE CUBE opened at $54.00 on Friday. The stock’s 50-day moving average price is $49.20 and its 200-day moving average price is $45.45. 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 has a 52 week low of $33.17 and a 52 week high of $54.47. The company has a market cap of $12.16 billion, a P/E ratio of 30.00, a price-to-earnings-growth ratio of 9.86 and a beta of 0.82.

CubeSmart (NYSE:CUBE – Get Your Free Report ) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted EPS of $0.66. On average, equities research analysts predict that CubeSmart will post 2.64 earnings per share for the current year.

Indoor activity

In other news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart 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 sale, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,217 shares of company stock worth $4,244,344. 1.68% of shares are currently held by corporate insiders.

Institutional trading of CubeSmart

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings 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 worth $1,443,316,000 after buying an additional 274,493 shares in the last quarter. Norges Bank purchased a new stake in CubeSmart in the 4th quarter valued at approximately $444,818,000. Price T Rowe Associates Inc. MD grew its holdings in CubeSmart by 26.9% in the 1st 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 boosted its holdings in 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 worth $201,692,000 after purchasing an additional 615,035 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in CubeSmart by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock worth $152,652,000 after purchasing an additional 169,600 shares in the last quarter. 97.61% of shares are held by hedge funds and other institutional investors.

About CubeSmart

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CubeSmart is a self-administered and self-managed real estate investment trust. The company’s self-storage properties are designed to provide affordable, easily accessible and, in most locations, air-conditioned 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.