Royal Bank of Canada Initiates Coverage on CubeSmart (NYSE:CUBE)

Stock analysts at Royal Bank of Canada initiated coverage on shares of CubeSmart (NYSE:CUBE) in a report released on Tuesday, Briefing.com reports. The brokerage set an “outperform” rating and a $56.00 price target on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 7.78% from the company’s current price.

Several other equities analysts have also commented on the company. Raymond James increased their target price on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. BMO Capital Markets lowered CubeSmart from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Evercore ISI upped their price target on CubeSmart from $51.00 to $52.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Wells Fargo & Company increased their price target on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, Barclays boosted their price objective on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $49.33.

CubeSmart Stock Up 0.2 %

CubeSmart stock opened at $51.96 on Tuesday. The firm has a market capitalization of $11.70 billion, a P/E ratio of 28.87, a P/E/G ratio of 9.48 and a beta of 0.82. The stock’s fifty day simple moving average is $48.45 and its 200-day simple moving average is $45.17. CubeSmart has a twelve month low of $33.17 and a twelve month high of $52.70. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03.

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

Insiders Place Their Bets

In other news, CEO Christopher P. Marr sold 37,000 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 182,460 shares in the company, valued at approximately $8,630,358. The disclosure for this sale can be found here. In the last three months, insiders have sold 88,217 shares of company stock valued at $4,244,344. Insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On CubeSmart

A number of large investors have recently bought and sold shares of CUBE. Norges Bank purchased a new stake in CubeSmart in the 4th quarter valued at approximately $444,818,000. Janus Henderson Group PLC raised its position in CubeSmart by 1,575.2% in the first quarter. Janus Henderson Group PLC now owns 1,820,434 shares of the real estate investment trust’s stock worth $82,277,000 after acquiring an additional 1,711,762 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of 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 worth $257,191,000 after purchasing an additional 1,205,097 shares in the last quarter. TimesSquare Capital Management LLC purchased a new position in shares of CubeSmart in the 1st quarter valued at about $48,716,000. Finally, Centersquare Investment Management LLC lifted its stake in shares of CubeSmart by 824.1% in the fourth quarter. Centersquare Investment Management LLC now owns 1,127,979 shares of the real estate investment trust’s stock valued at $52,282,000 after purchasing an additional 1,005,922 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

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.