CubeSmart (NYSE:CUBE – Get Rating) has received an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $54.83.
A number of equities analysts recently commented on CUBE shares. Truist Financial raised their price objective on shares of CubeSmart from $48.00 to $53.00 and gave the stock a “hold” rating in a research note on Monday, August 22nd. TheStreet raised shares of CubeSmart from a “c+” rating to a “b-” rating in a research note on Friday, August 5th. Bank of America upgraded shares of CubeSmart from a “neutral” rating to a “buy” rating in a report on Tuesday, June 21st. StockNews.com upgraded shares of CubeSmart from a “sell” rating to a “hold” rating in a report on Wednesday, August 3rd. Finally, Jefferies Financial Group cut their price target on shares of CubeSmart from $66.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, June 30th.
Hedge Funds Weigh In On CubeSmart
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of CubeSmart by 35.3% in the fourth quarter. BlackRock Inc. now owns 20,598,563 shares of the real estate investment trust’s stock worth $1,172,263,000 after acquiring an additional 5,368,608 shares during the last quarter. Norges Bank bought a new position in shares of CubeSmart in the fourth quarter worth about $200,344,000. Cohen & Steers Inc. raised its stake in shares of CubeSmart by 49.8% in the first quarter. Cohen & Steers Inc. now owns 8,523,778 shares of the real estate investment trust’s stock worth $443,492,000 after acquiring an additional 2,831,801 shares during the last quarter. Millennium Management LLC raised its stake in shares of CubeSmart by 264.0% in the fourth quarter. Millennium Management LLC now owns 3,690,374 shares of the real estate investment trust’s stock worth $210,019,000 after acquiring an additional 2,676,419 shares during the last quarter. Finally, Capital Research Global Investors bought a new position in shares of CubeSmart in the first quarter worth about $137,023,000. 96.60% of the stock is currently owned by institutional investors and hedge funds.
CubeSmart Trading Down 0.6 %
CubeSmart Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be given a dividend of $0.43 per share. The ex-dividend date is Friday, September 30th. This represents a $1.72 annualized dividend and a dividend yield of 3.66%. CubeSmart’s dividend payout ratio (DPR) is currently 160.75%.
CubeSmart Company Profile
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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