CubeSmart (CUBE) Upgraded by Zacks Investment Research to Buy
CubeSmart (NYSE:CUBE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $30.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 13.46% from the stock’s current price.
According to Zacks, “CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States. Its self storage facilities are designed to offer storage space for residential and commercial customers. CubeSmart, formally known as U-Store-It Trust, is based in Wayne, Pennsylvania. “
A number of other analysts also recently weighed in on CUBE. Evercore ISI upgraded CubeSmart from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Monday, August 8th. Jefferies Group restated a “buy” rating on shares of CubeSmart in a research report on Monday, August 1st. FBR & Co set a $35.00 target price on CubeSmart and gave the stock a “buy” rating in a research report on Sunday, September 18th. Cantor Fitzgerald restated a “buy” rating on shares of CubeSmart in a research report on Friday, August 26th. Finally, SunTrust Banks Inc. downgraded CubeSmart from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $37.00 to $33.00 in a research report on Monday, July 25th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. CubeSmart has an average rating of “Buy” and a consensus price target of $33.55.
CubeSmart (NYSE:CUBE) traded up 1.97% on Wednesday, hitting $26.44. 1,634,364 shares of the stock were exchanged. The company has a 50-day moving average price of $27.20 and a 200-day moving average price of $29.83. CubeSmart has a 52-week low of $25.40 and a 52-week high of $33.52. The firm has a market cap of $4.74 billion, a PE ratio of 53.63 and a beta of 0.47.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.01. CubeSmart had a return on equity of 5.57% and a net margin of 19.26%. The company earned $126.53 million during the quarter, compared to analyst estimates of $124.94 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. CubeSmart’s revenue was up 15.2% on a year-over-year basis. On average, equities research analysts anticipate that CubeSmart will post $1.41 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be given a $0.21 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.84 annualized dividend and a yield of 3.18%. CubeSmart’s payout ratio is currently 171.43%.
In other CubeSmart news, Director William M. Diefenderfer III sold 2,961 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $27.25, for a total value of $80,687.25. Following the completion of the sale, the director now owns 128,486 shares in the company, valued at $3,501,243.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.13% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Advisor Group Inc. bought a new stake in shares of CubeSmart during the second quarter valued at $103,000. PNC Financial Services Group Inc. increased its stake in shares of CubeSmart by 13.1% in the second quarter. PNC Financial Services Group Inc. now owns 5,018 shares of the company’s stock valued at $155,000 after buying an additional 581 shares during the last quarter. Neuberger Berman Group LLC increased its stake in shares of CubeSmart by 5.0% in the second quarter. Neuberger Berman Group LLC now owns 6,770 shares of the company’s stock valued at $209,000 after buying an additional 324 shares during the last quarter. Ausdal Financial Partners Inc. bought a new stake in shares of CubeSmart during the second quarter valued at $255,000. Finally, Pacad Investment Ltd. bought a new stake in shares of CubeSmart during the first quarter valued at $263,000.
CubeSmart Company Profile
CubeSmart operates as a self-managed and self-administered real estate investment trust (REIT). The Company’s operations are conducted solely through CubeSmart, L.P. (the Operating Partnership) and its subsidiaries. The Company is focused primarily on the ownership, operation, management, acquisition and development of self-storage facilities in the United States.
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