CubeSmart’s (CUBE) Buy Rating Reaffirmed at Stifel Nicolaus

Stifel Nicolaus reaffirmed their buy rating on shares of CubeSmart (NYSE:CUBE) in a research note released on Wednesday, Benzinga reports. Stifel Nicolaus currently has a $50.00 target price on the real estate investment trust’s stock.

CUBE has been the subject of a number of other reports. Citigroup decreased their price objective on CubeSmart from $47.00 to $45.00 and set a neutral rating for the company in a research report on Thursday, August 24th. Wells Fargo & Company decreased their price objective on CubeSmart from $50.00 to $46.00 and set an overweight rating for the company in a research report on Monday, August 7th. Raymond James decreased their price objective on CubeSmart from $53.00 to $50.00 and set an outperform rating for the company in a research report on Thursday, August 31st. JPMorgan Chase & Co. reduced their price target on CubeSmart from $50.00 to $48.00 in a report on Tuesday, June 13th. Finally, StockNews.com assumed coverage on CubeSmart in a report on Thursday, August 17th. They issued a hold rating for the company. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $47.55.

CubeSmart Stock Up 1.1 %

CubeSmart stock opened at $41.10 on Wednesday. CubeSmart has a twelve month low of $36.82 and a twelve month high of $48.93. The stock has a 50 day moving average of $42.60 and a two-hundred day moving average of $44.54. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 2.87 and a beta of 0.58.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a dividend of $0.49 per share. The ex-dividend date is Friday, September 29th. This represents a $1.96 annualized dividend and a yield of 4.77%. CubeSmart’s dividend payout ratio is presently 113.95%.

Hedge Funds Weigh In On CubeSmart

Several hedge funds and other institutional investors have recently bought and sold shares of CUBE. Norges Bank acquired a new position in CubeSmart during the fourth quarter worth $293,769,000. Truist Financial Corp raised its holdings in CubeSmart by 5,564.2% during the first quarter. Truist Financial Corp now owns 3,147,321 shares of the real estate investment trust’s stock worth $145,469,000 after purchasing an additional 3,091,756 shares during the last quarter. Capital Research Global Investors acquired a new position in CubeSmart during the first quarter worth $137,023,000. Allspring Global Investments Holdings LLC increased its position in CubeSmart by 2,945.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,421,558 shares of the real estate investment trust’s stock worth $111,924,000 after buying an additional 2,342,038 shares in the last quarter. Finally, Morgan Stanley increased its position in CubeSmart by 181.1% during the fourth quarter. Morgan Stanley now owns 3,098,613 shares of the real estate investment trust’s stock worth $124,719,000 after buying an additional 1,996,294 shares in the last quarter. 96.66% of the stock is 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.