Evercore ISI Reiterates $58.00 Price Target for CubeSmart (NYSE:CUBE)

Evercore ISI set a $58.00 target price on CubeSmart (NYSE:CUBE – Get Rating) in a report published on Monday morning, Stock Target Advisor reports.

Several other research firms have also weighed in on CUBE. Raymond James upgraded shares of CubeSmart from an outperform rating to a strong-buy rating and lowered their price objective for the stock from $60.00 to $52.00 in a research note on Monday, May 23rd. StockNews.com upgraded shares of CubeSmart from a sell rating to a hold rating in a research note on Thursday, May 5th. JPMorgan Chase & Co. boosted their price objective on shares of CubeSmart from $57.00 to $58.00 and gave the stock a neutral rating in a research note on Monday, April 4th. TheStreet lowered shares of CubeSmart from a b rating to a c+ rating in a research note on Tuesday, May 17th. Finally, Truist Financial decreased their price target on shares of CubeSmart from $55.00 to $48.00 and set a na rating on the stock in a research note on Monday, May 16th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $53.17.

Shares of CUBE stock opened at $41.89 on Monday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 1.09. CubeSmart has a 1 year low of $38.67 and a 1 year high of $57.34. The firm’s fifty day moving average price is $44.84 and its two-hundred day moving average price is $49.44. The firm has a market capitalization of $9.40 billion, a P/E ratio of 39.90, a PEG ratio of 2.24 and a beta of 0.49.

CubeSmart (NYSE:CUBE – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.40). CubeSmart had a net margin of 26.65% and a return on equity of 10.78%. The business had revenue of $238.57 million during the quarter, compared to analyst estimates of $240.13 million. During the same quarter in the previous year, the firm posted $0.47 earnings per share. The firm’s quarterly revenue was up 26.3% on a year-over-year basis. As a group, equities research analysts forecast that CubeSmart will post 2.43 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, July 1st will be paid a $0.43 dividend. The ex-dividend date of this dividend is Thursday, June 30th. This represents a $1.72 dividend on an annualized basis and a yield of 4.11%. CubeSmart’s dividend payout ratio (DPR) is currently 163.81%.

A number of hedge funds and other institutional investors have recently bought and sold shares of CUBE. Dark Forest Capital Management LP bought a new stake in CubeSmart in the 3rd quarter valued at about $99,000. Morgan Stanley boosted its holdings in CubeSmart by 14.0% in the 3rd quarter. Morgan Stanley now owns 747,931 shares of the real estate investment trust’s stock valued at $36,237,000 after purchasing an additional 91,566 shares during the period. Guggenheim Capital LLC boosted its holdings in CubeSmart by 14.6% in the 3rd quarter. Guggenheim Capital LLC now owns 35,471 shares of the real estate investment trust’s stock valued at $1,719,000 after purchasing an additional 4,529 shares during the period. Man Group plc boosted its holdings in CubeSmart by 88.3% in the 3rd quarter. Man Group plc now owns 28,813 shares of the real estate investment trust’s stock valued at $1,396,000 after purchasing an additional 13,513 shares during the period. Finally, LPL Financial LLC boosted its holdings in CubeSmart by 63.9% in the 3rd quarter. LPL Financial LLC now owns 43,950 shares of the real estate investment trust’s stock valued at $2,129,000 after purchasing an additional 17,143 shares during the period. 95.92% of the stock is owned by hedge funds and other institutional investors.

About CubeSmart (Get Rating)

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 secure storage space for residential and commercial customers. According to the 2020 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

See Also