Barclays Initiates Coverage on CubeSmart (NYSE:CUBE)

Barclays began coverage on shares of CubeSmart (NYSE:CUBE) in a report published on Wednesday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $48.00 target price on the real estate investment trust’s stock.

A number of other research firms have also commented on CUBE. Evercore ISI lifted their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, March 4th. Jefferies Financial Group raised CubeSmart from a hold rating to a buy rating and lifted their price objective for the stock from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Truist Financial lifted their price objective on CubeSmart from $43.00 to $46.00 and gave the stock a hold rating in a research note on Thursday, December 28th. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research note on Tuesday, January 30th. They issued a sell rating and a $40.00 price objective on the stock. Finally, BMO Capital Markets upgraded CubeSmart from a market perform rating to an outperform rating and lifted their target price for the stock from $46.00 to $49.00 in a report on Friday, December 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $46.00.

CubeSmart Price Performance

CubeSmart stock opened at $45.22 on Wednesday. The stock’s 50 day moving average is $43.98 and its 200 day moving average is $41.65. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a market cap of $10.17 billion, a P/E ratio of 24.98 and a beta of 0.69. CubeSmart has a one year low of $33.17 and a one year high of $48.93.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, April 1st will be issued a dividend of $0.51 per share. The ex-dividend date is Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 4.51%. CubeSmart’s dividend payout ratio is 112.71%.

Institutional Investors Weigh In On CubeSmart

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $28,000. Signaturefd LLC increased its holdings in shares of CubeSmart by 72.5% during the fourth quarter. Signaturefd LLC now owns 695 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 292 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of CubeSmart during the fourth quarter valued at approximately $37,000. Quarry LP bought a new stake in shares of CubeSmart during the second quarter valued at approximately $37,000. Finally, Sunbelt Securities Inc. bought a new stake in shares of CubeSmart during the first quarter valued at approximately $46,000. Institutional investors own 97.61% of the company’s stock.

CubeSmart Company Profile

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.