CubeSmart (CUBE) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of CubeSmart (NYSE:CUBE) from a hold rating to a buy rating in a research note issued to investors on Wednesday. They currently have $28.00 price target on the stock.
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 equities analysts also recently issued reports on CUBE. SunTrust Banks Inc. downgraded CubeSmart from a buy rating to a neutral rating and reduced their price target for the stock from $37.00 to $33.00 in a research report on Monday, July 25th. Jefferies Group reaffirmed a buy rating on shares of CubeSmart in a research report on Monday, August 1st. Evercore ISI raised CubeSmart from a hold rating to a buy rating and set a $32.00 price target on the stock in a research report on Monday, August 8th. Cantor Fitzgerald reaffirmed a buy rating on shares of CubeSmart in a research report on Friday, August 26th. Finally, FBR & Co set a $35.00 target price on CubeSmart and gave the company a buy rating in a research report on Sunday, September 18th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. CubeSmart currently has a consensus rating of Buy and an average target price of $33.11.
CubeSmart (NYSE:CUBE) traded down 0.384% during trading on Wednesday, reaching $24.635. The company had a trading volume of 875,560 shares. The stock has a 50 day moving average price of $26.00 and a 200 day moving average price of $28.69. CubeSmart has a 52 week low of $24.42 and a 52 week high of $33.52. The firm has a market capitalization of $4.44 billion, a P/E ratio of 47.193 and a beta of 0.34.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $132.10 million for the quarter, compared to the consensus estimate of $131.19 million. CubeSmart had a return on equity of 5.84% and a net margin of 19.93%. The business’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 earnings per share. Analysts predict that CubeSmart will post $1.41 earnings per share for the current year.
In other news, Director William M. Diefenderfer III sold 2,961 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $27.25, for a total transaction of $80,687.25. Following the sale, the director now directly owns 128,486 shares of the company’s stock, valued at approximately $3,501,243.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.13% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CUBE. Heitman Real Estate Securities LLC bought a new position in shares of CubeSmart during the first quarter worth $61,061,000. RS Investment Management Co. LLC raised its position in shares of CubeSmart by 16.3% in the second quarter. RS Investment Management Co. LLC now owns 725,470 shares of the company’s stock worth $22,403,000 after buying an additional 101,596 shares during the period. Resolution Capital Ltd raised its position in shares of CubeSmart by 50.2% in the second quarter. Resolution Capital Ltd now owns 1,555,035 shares of the company’s stock worth $48,019,000 after buying an additional 519,764 shares during the period. Public Employees Retirement Association of Colorado raised its position in shares of CubeSmart by 1.5% in the second quarter. Public Employees Retirement Association of Colorado now owns 380,893 shares of the company’s stock worth $11,762,000 after buying an additional 5,696 shares during the period. Finally, Capital Analysts LLC raised its position in shares of CubeSmart by 812.9% in the second quarter. Capital Analysts LLC now owns 21,380 shares of the company’s stock worth $537,000 after buying an additional 19,038 shares during the period.
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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