CubeSmart (NYSE:CUBE) Receives $46.33 Consensus PT from Brokerages

Shares of CubeSmart (NYSE:CUBE) have received a consensus rating of “Hold” from the eleven analysts that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $46.33.

Several brokerages have recently weighed in on CUBE. Deutsche Bank Aktiengesellschaft started coverage on shares of CubeSmart in a research report on Tuesday, January 30th. They issued a “sell” rating and a $40.00 price target for the company. Barclays started coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 target price for the company. Wells Fargo & Company increased their target price on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, April 5th. Jefferies Financial Group upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and upped their price target for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Finally, Evercore ISI increased their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th.

Hedge Funds Weigh In On CubeSmart

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of CubeSmart in the fourth quarter worth about $444,818,000. Deutsche Bank AG raised its stake in CubeSmart by 1,915.7% during the third quarter. Deutsche Bank AG now owns 3,058,193 shares of the real estate investment trust’s stock worth $116,609,000 after purchasing an additional 2,906,478 shares during the period. Capital Research Global Investors acquired a new stake in shares of CubeSmart during the first quarter valued at about $137,023,000. Morgan Stanley increased its position in shares of CubeSmart by 181.1% during the fourth quarter. Morgan Stanley now owns 3,098,613 shares of the real estate investment trust’s stock valued at $124,719,000 after acquiring an additional 1,996,294 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of CubeSmart by 96.6% during the second quarter. Goldman Sachs Group Inc. now owns 3,484,402 shares of the real estate investment trust’s stock valued at $148,854,000 after acquiring an additional 1,711,731 shares during the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Price Performance

Shares of CUBE stock opened at $44.14 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The company has a market capitalization of $9.93 billion, a P/E ratio of 24.39 and a beta of 0.69. The company’s 50-day simple moving average is $44.03 and its two-hundred day simple moving average is $41.95. CubeSmart has a one year low of $33.17 and a one year high of $48.93.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 1st will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, March 28th. This represents a $2.04 annualized dividend and a yield of 4.62%. CubeSmart’s dividend payout ratio is presently 112.71%.

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.