CubeSmart (NYSE:CUBE) Stock Rating Lowered by UBS Group

UBS Group cut shares of CubeSmart (NYSE:CUBE) from a buy rating to a neutral rating in a report published on Friday morning, MarketBeat.com reports. UBS Group currently has $54.00 price target on the real estate investment trust’s stock, up from their prior price target of $53.00.

A number of other research analysts have also issued reports on the company. BMO Capital Markets lowered CubeSmart from an outperform rating to a market perform rating and lowered their target price for the stock from $50.00 to $47.00 in a report on Wednesday, May 29th. Wells Fargo & Company lifted their target price on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Scotiabank began coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a sector outperform rating and a $53.00 price target for the company. Evercore ISI increased their price target on CubeSmart from $51.00 to $52.00 and gave the company an in-line rating in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada began coverage on CubeSmart in a research report on Tuesday, September 10th. They issued an outperform rating and a $56.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $49.75.

CubeSmart Price Performance

Shares of CUBE opened at $54.56 on Friday. The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of 30.31, a price-to-earnings-growth ratio of 9.86 and a beta of 0.82. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. CubeSmart has a one year low of $33.17 and a one year high of $54.64. The stock’s fifty day moving average is $49.40 and its 200-day moving average is $45.54.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. CubeSmart’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 earnings per share. Equities analysts anticipate that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The firm also recently disclosed 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 3.74%. CubeSmart’s payout ratio is presently 113.33%.

Insiders Place Their Bets

In other news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the sale, the insider now directly owns 182,460 shares in the company, valued at approximately $8,630,358. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the sale, the insider now directly owns 182,460 shares in the company, valued at approximately $8,630,358. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Quarry LP raised its stake in shares of CubeSmart by 195.6% in the 2nd quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 757 shares in the last quarter. Sunbelt Securities Inc. raised its stake in shares of CubeSmart by 38.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 2,585 shares of the real estate investment trust’s stock valued at $117,000 after acquiring an additional 712 shares in the last quarter. Creative Planning raised its stake in shares of CubeSmart by 9.1% in the 2nd quarter. Creative Planning now owns 16,028 shares of the real estate investment trust’s stock valued at $724,000 after acquiring an additional 1,340 shares in the last quarter. Algert Global LLC raised its stake in shares of CubeSmart by 93.1% in the 2nd quarter. Algert Global LLC now owns 46,981 shares of the real estate investment trust’s stock valued at $2,122,000 after acquiring an additional 22,651 shares in the last quarter. Finally, Liberty Mutual Group Asset Management Inc. bought a new position in shares of CubeSmart in the 2nd quarter valued at approximately $2,682,000. 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.