CubeSmart (NYSE:CUBE) Reaches New 52-Week High – Time to Buy?

CubeSmart (NYSE:CUBE)’s stock price hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $43.51 and last traded at $43.2730, with a volume of 243,123 shares. The stock had previously closed at $42.74.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CUBE. Barclays upgraded CubeSmart from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $46.00 in a research report on Friday, July 10th. UBS Group dropped their price objective on shares of CubeSmart from $43.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, October 16th. Wells Fargo & Company raised their target price on shares of CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. Raymond James Financial began coverage on shares of CubeSmart in a report on Wednesday, July 15th. They issued an “outperform” rating and a $44.00 price target on the stock. Finally, KeyCorp reiterated a “sector weight” rating on shares of CubeSmart in a research note on Tuesday, August 4th. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $42.73.

CubeSmart Price Performance

The company has a quick ratio of 0.07, a current ratio of 0.06 and a debt-to-equity ratio of 1.42. The company has a 50-day moving average of $39.16 and a 200 day moving average of $39.58. The stock has a market capitalization of $9.88 billion, a PE ratio of 29.04, a PEG ratio of 7.16 and a beta of 0.98.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.23). CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. The firm had revenue of $293.97 million for the quarter, compared to analysts’ expectations of $287.28 million. During the same period last year, the firm earned $0.65 earnings per share. CubeSmart’s revenue for the quarter was up 3.1% on a year-over-year basis. Sell-side analysts predict that CubeSmart will post 2.59 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. acquired a new stake in shares of CubeSmart during the 3rd quarter valued at approximately $22,499,000. Ieq Capital LLC acquired a new position in CubeSmart during the second quarter worth $9,966,000. Readystate Asset Management LP purchased a new stake in CubeSmart during the second quarter worth $2,989,000. The Manufacturers Life Insurance Company purchased a new stake in CubeSmart during the second quarter worth $6,588,000. Finally, Corient Private Wealth LP grew its holdings in CubeSmart by 263.0% in the second quarter. Corient Private Wealth LP now owns 161,619 shares of the real estate investment trust’s stock valued at $6,428,000 after purchasing an additional 117,093 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

About CubeSmart

CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. The company provides storage space for households, businesses and other customers through a portfolio serving metropolitan areas and communities across the country.

Its facilities offer a range of storage options, including traditional and climate-controlled units, as well as space for vehicles, boats and recreational vehicles at select locations.