CubeSmart (NYSE:CUBE) Upgraded to “Buy” at Bank of America

CubeSmart (NYSE:CUBE) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday,Finviz reports. The brokerage presently has a $50.00 target price on the real estate investment trust’s stock. Bank of America‘s price target points to a potential upside of 16.43% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price objective for the company from $50.00 to $47.00 in a research report on Friday, January 17th. Royal Bank of Canada decreased their price target on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Scotiabank boosted their price target on CubeSmart from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Monday. Barclays lowered their target price on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Finally, KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $47.00.

CubeSmart Price Performance

NYSE:CUBE opened at $42.95 on Tuesday. The company has a market capitalization of $9.79 billion, a P/E ratio of 24.26, a P/E/G ratio of 11.58 and a beta of 1.00. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The business’s 50-day moving average is $40.59 and its 200 day moving average is $43.05.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $273.04 million during the quarter, compared to analysts’ expectations of $268.16 million. During the same quarter last year, the firm earned $0.64 EPS. The business’s quarterly revenue was up 4.4% on a year-over-year basis. On average, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CubeSmart

A number of large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its stake in shares of CubeSmart by 74.9% in the 4th quarter. Blue Trust Inc. now owns 675 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 289 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of CubeSmart by 134.1% during the fourth quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 389 shares during the last quarter. SRS Capital Advisors Inc. grew its position in CubeSmart by 310.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 559 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of CubeSmart by 115.2% in the first quarter. Allworth Financial LP now owns 936 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 501 shares during the period. Finally, UMB Bank n.a. grew its position in CubeSmart by 59.4% in the fourth quarter. UMB Bank n.a. now owns 942 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 351 shares during the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.

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.