CubeSmart (NYSE:CUBE) Coverage Initiated by Analysts at Truist Financial

Research analysts at Truist Financial began coverage on shares of CubeSmart (NYSE:CUBE) in a note issued to investors on Friday. The firm set a “buy” rating and a $41.00 price target on the real estate investment trust’s stock. Truist Financial’s price target indicates a potential upside of 8.35% from the stock’s previous close.

A number of other analysts also recently commented on CUBE. Weiss Ratings restated a “hold (c)” rating on shares of CubeSmart in a research note on Wednesday, July 15th. Barclays upgraded CubeSmart from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $45.00 to $46.00 in a research report on Friday, July 10th. Evercore set a $46.00 price target on CubeSmart in a report on Monday, September 21st. Wells Fargo & Company upped their price objective on CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, July 24th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $47.00 price objective on shares of CubeSmart in a research note on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, CubeSmart currently has an average rating of “Hold” and an average price target of $43.18.

CubeSmart Stock Performance

Shares of CubeSmart stock traded up $0.31 during trading on Friday, hitting $37.84. 76,179 shares of the company’s stock were exchanged, compared to its average volume of 2,289,818. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of 26.12, a PEG ratio of 6.35 and a beta of 1.05. The business has a 50-day simple moving average of $40.24 and a 200-day simple moving average of $39.84. CubeSmart has a 52-week low of $35.09 and a 52-week high of $43.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.07 and a current ratio of 0.07.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Friday, July 31st. The real estate investment trust reported $0.39 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.25). The business had revenue of $286.49 million during the quarter, compared to analysts’ expectations of $281.12 million. CubeSmart had a net margin of 29.41% and a return on equity of 12.35%. CubeSmart’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 earnings per share. On average, research analysts forecast that CubeSmart will post 2.57 EPS for the current year.

Institutional Trading of CubeSmart

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in CubeSmart in the 2nd quarter valued at $1,349,164,000. Canada Pension Plan Investment Board purchased a new position in CubeSmart during the second quarter valued at $288,512,000. Dimensional Fund Advisors LP lifted its holdings in CubeSmart by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,354,921 shares of the real estate investment trust’s stock valued at $122,953,000 after purchasing an additional 48,268 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of CubeSmart in the second quarter valued at about $74,199,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of CubeSmart in the second quarter valued at about $68,552,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

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. Its properties provide individuals and businesses with space to store household goods, personal belongings, business inventory, records, vehicles and other items.

The company offers a range of unit sizes and storage solutions, generally through traditional drive-up and climate-controlled facilities. Many locations also provide features such as electronic access, online rentals and payments, moving and packing supplies, and vehicle storage.