Wells Fargo & Company Raises CubeSmart (NYSE:CUBE) Price Target to $50.00

CubeSmart (NYSE:CUBE) had its target price lifted by Wells Fargo & Company from $48.00 to $50.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

Several other equities analysts have also recently weighed in on CUBE. Barclays lifted their price target on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and upped their price target for the company from $53.00 to $54.00 in a research report on Friday, September 13th. Evercore ISI raised their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Raymond James upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group raised their price target on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $50.67.

CubeSmart Trading Down 0.4 %

Shares of CubeSmart stock opened at $49.09 on Monday. The stock has a market capitalization of $11.05 billion, a P/E ratio of 27.58, a P/E/G ratio of 8.86 and a beta of 0.82. CubeSmart has a 52-week low of $33.17 and a 52-week high of $55.14. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The stock’s 50-day simple moving average is $51.59 and its 200 day simple moving average is $46.94.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). The business had revenue of $266.20 million during 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 business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $0.66 EPS. As a group, research analysts anticipate that CubeSmart will post 2.65 EPS for the current year.

Insider Transactions at CubeSmart

In related news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s 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 transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction 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 approximately $4,205,194.11. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were 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 approximately $8,630,358. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CubeSmart

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of 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 purchasing an additional 274,493 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in CubeSmart by 26.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock valued at $257,191,000 after buying an additional 1,205,097 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in CubeSmart by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock worth $273,986,000 after acquiring an additional 624,661 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of CubeSmart by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock valued at $152,652,000 after acquiring an additional 169,600 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after acquiring an additional 303,347 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

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.