CubeSmart (NYSE:CUBE – Get Rating) – Analysts at KeyCorp raised their Q4 2022 EPS estimates for shares of CubeSmart in a research note issued to investors on Wednesday, June 15th. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will earn $0.64 per share for the quarter, up from their prior forecast of $0.63. The consensus estimate for CubeSmart’s current full-year earnings is $2.42 per share. KeyCorp also issued estimates for CubeSmart’s Q1 2023 earnings at $0.65 EPS and FY2023 earnings at $2.69 EPS.
Several other brokerages have also recently commented on CUBE. Raymond James raised shares of CubeSmart from an “outperform” rating to a “strong-buy” rating and reduced their price target for the stock from $60.00 to $52.00 in a research report on Monday, May 23rd. Truist Financial reduced their price target on shares of CubeSmart from $55.00 to $48.00 and set a “na” rating on the stock in a research report on Monday, May 16th. JPMorgan Chase & Co. increased their price target on shares of CubeSmart from $57.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, April 4th. TheStreet cut shares of CubeSmart from a “b” rating to a “c+” rating in a research report on Tuesday, May 17th. Finally, StockNews.com raised shares of CubeSmart from a “sell” rating to a “hold” rating in a research report on Thursday, May 5th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, CubeSmart has an average rating of “Buy” and a consensus price target of $52.20.
CubeSmart (NYSE:CUBE – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.40). The firm had revenue of $238.57 million during the quarter, compared to analysts’ expectations of $240.13 million. CubeSmart had a net margin of 26.65% and a return on equity of 10.78%. The business’s quarterly revenue was up 26.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Friday, July 1st will be paid a $0.43 dividend. The ex-dividend date of this dividend is Thursday, June 30th. This represents a $1.72 annualized dividend and a dividend yield of 4.30%. CubeSmart’s payout ratio is currently 163.81%.
Large investors have recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. increased its stake in shares of CubeSmart by 19.1% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 192,747 shares of the real estate investment trust’s stock valued at $10,969,000 after purchasing an additional 30,847 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of CubeSmart in the fourth quarter valued at approximately $15,677,000. UBS Asset Management Americas Inc. increased its stake in shares of CubeSmart by 5.2% in the third quarter. UBS Asset Management Americas Inc. now owns 1,244,163 shares of the real estate investment trust’s stock valued at $60,280,000 after purchasing an additional 61,475 shares during the period. LPL Financial LLC increased its stake in shares of CubeSmart by 63.9% in the third quarter. LPL Financial LLC now owns 43,950 shares of the real estate investment trust’s stock valued at $2,129,000 after purchasing an additional 17,143 shares during the period. Finally, TD Asset Management Inc. increased its stake in shares of CubeSmart by 122.4% in the fourth quarter. TD Asset Management Inc. now owns 103,184 shares of the real estate investment trust’s stock valued at $5,872,000 after purchasing an additional 56,797 shares during the period. Institutional investors own 95.92% of the company’s stock.
About CubeSmart (Get Rating)
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 secure storage space for residential and commercial customers. According to the 2020 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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