Scotiabank Has Lowered Expectations for CubeSmart (NYSE:CUBE) Stock Price

CubeSmart (NYSE:CUBE) had its price objective reduced by Scotiabank from $53.00 to $52.00 in a research note issued to investors on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the real estate investment trust’s stock.

A number of other equities analysts have also commented on CUBE. UBS Group lowered CubeSmart from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Royal Bank of Canada reduced their price objective on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Evercore ISI lifted their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Barclays cut their price target on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Finally, Jefferies Financial Group lifted their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, CubeSmart presently has an average rating of “Hold” and an average target price of $51.36.

CubeSmart Trading Up 0.4 %

Shares of NYSE CUBE opened at $50.14 on Monday. The firm has a 50 day moving average price of $49.96 and a two-hundred day moving average price of $47.98. The stock has a market cap of $11.34 billion, a P/E ratio of 28.33, a price-to-earnings-growth ratio of 14.02 and a beta of 0.84. CubeSmart has a 52-week low of $38.34 and a 52-week high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The company had revenue of $270.90 million during the quarter, compared to analyst estimates of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.68 earnings per share. As a group, equities analysts forecast that CubeSmart will post 2.64 EPS for the current year.

Hedge Funds Weigh In On CubeSmart

Institutional investors and hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. raised its position in shares of CubeSmart by 13.1% during the third quarter. Franklin Resources Inc. now owns 319,316 shares of the real estate investment trust’s stock worth $15,950,000 after purchasing an additional 36,919 shares during the period. Decatur Capital Management Inc. lifted its stake in shares of CubeSmart by 169.9% in the third quarter. Decatur Capital Management Inc. now owns 80,194 shares of the real estate investment trust’s stock valued at $4,317,000 after buying an additional 50,484 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of CubeSmart by 24.7% in the third quarter. Tidal Investments LLC now owns 141,099 shares of the real estate investment trust’s stock valued at $7,523,000 after buying an additional 27,912 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of CubeSmart during the third quarter worth about $628,000. Finally, Anchor Investment Management LLC acquired a new stake in shares of CubeSmart in the 3rd quarter worth about $79,000. Institutional investors own 97.61% of the company’s stock.

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.