Royal Bank Of Canada Lowers CubeSmart (NYSE:CUBE) Price Target to $47.00

CubeSmart (NYSE:CUBE) had its target price cut by research analysts at Royal Bank Of Canada from $48.00 to $47.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 18.55% from the company’s previous close.

CUBE has been the topic of a number of other research reports. Evercore ISI upped their target price on CubeSmart from $44.00 to $47.00 and gave the company an “in-line” rating in a research note on Friday, May 2nd. Truist Financial upped their target price on CubeSmart from $47.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, May 19th. BMO Capital Markets raised CubeSmart from a “market perform” rating to an “outperform” rating and upped their target price for the company from $48.00 to $49.00 in a research note on Friday, June 20th. Barclays reduced their target price on CubeSmart from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Friday, May 16th. Finally, Mizuho upped their target price on CubeSmart from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $47.13.

CubeSmart Price Performance

Shares of NYSE:CUBE opened at $39.65 on Monday. The business’s 50 day simple moving average is $42.17 and its 200-day simple moving average is $41.57. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 7.30 and a beta of 0.94. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.06 and a quick ratio of 0.07. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. The business had revenue of $282.30 million for the quarter, compared to analyst estimates of $275.71 million. CubeSmart had a return on equity of 13.12% and a net margin of 35.44%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 EPS. As a group, equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Institutional Trading of CubeSmart

Institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its holdings in shares of CubeSmart by 115.2% during the 1st quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 501 shares during the last quarter. Huntington National Bank boosted its position in CubeSmart by 307.0% during the 4th quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 915 shares during the period. IFP Advisors Inc boosted its position in CubeSmart by 737.2% during the 2nd quarter. IFP Advisors Inc now owns 1,532 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 1,349 shares during the period. Covestor Ltd boosted its position in CubeSmart by 22.8% during the 1st quarter. Covestor Ltd now owns 1,575 shares of the real estate investment trust’s stock worth $67,000 after purchasing an additional 292 shares during the period. Finally, Hantz Financial Services Inc. boosted its position in CubeSmart by 1,776.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,651 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 1,563 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

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, 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.