CubeSmart (CUBE) Upgraded by BMO Capital Markets to Outperform
CubeSmart (NYSE:CUBE) was upgraded by analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday, Marketbeat Ratings reports. The firm currently has a $30.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $27.00. BMO Capital Markets’ target price would indicate a potential upside of 10.54% from the stock’s previous close.
CUBE has been the topic of several other reports. Jefferies Group set a $33.00 price objective on shares of CubeSmart and gave the company a “buy” rating in a research note on Tuesday, November 28th. B. Riley set a $32.00 target price on shares of CubeSmart and gave the stock a “buy” rating in a research report on Thursday, February 15th. SunTrust Banks set a $31.00 target price on shares of CubeSmart and gave the stock a “hold” rating in a research report on Monday, January 22nd. Zacks Investment Research upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Monday, December 18th. Finally, BidaskClub upgraded shares of CubeSmart from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $30.09.
CubeSmart (CUBE) opened at $27.14 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.06 and a quick ratio of 0.06. The stock has a market cap of $4,947.02, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 3.47 and a beta of 0.17. CubeSmart has a 12 month low of $22.83 and a 12 month high of $29.79.
In related news, SVP Jonathan L. Perry sold 20,270 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $29.37, for a total transaction of $595,329.90. Following the completion of the sale, the senior vice president now owns 67,197 shares of the company’s stock, valued at approximately $1,973,575.89. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy M. Martin sold 57,746 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $29.41, for a total transaction of $1,698,309.86. Following the sale, the chief financial officer now directly owns 211,694 shares of the company’s stock, valued at approximately $6,225,920.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 167,425 shares of company stock valued at $4,915,172. Corporate insiders own 1.20% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. American International Group Inc. acquired a new stake in CubeSmart during the 4th quarter worth approximately $119,000. The Manufacturers Life Insurance Company increased its position in CubeSmart by 7.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,341 shares of the real estate investment trust’s stock worth $128,000 after purchasing an additional 370 shares in the last quarter. World Asset Management Inc acquired a new stake in CubeSmart during the 3rd quarter worth approximately $200,000. Campbell & CO Investment Adviser LLC acquired a new stake in CubeSmart during the 3rd quarter worth approximately $211,000. Finally, Comerica Bank acquired a new stake in CubeSmart during the 3rd quarter worth approximately $220,000.
CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.
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