CubeSmart (NYSE:CUBE – Get Rating) – Investment analysts at Jefferies Financial Group raised their Q1 2023 earnings per share estimates for shares of CubeSmart in a research note issued on Tuesday, March 7th. Jefferies Financial Group analyst J. Petersen now anticipates that the real estate investment trust will post earnings of $0.64 per share for the quarter, up from their prior estimate of $0.61. Jefferies Financial Group currently has a "Hold" rating and a $41.00 target price on the stock. The consensus estimate for CubeSmart's current full-year earnings is $2.69 per share. Jefferies Financial Group also issued estimates for CubeSmart's Q4 2023 earnings at $0.70 EPS, FY2023 earnings at $2.68 EPS, Q1 2024 earnings at $0.64 EPS, Q2 2024 earnings at $0.68 EPS, Q4 2024 earnings at $0.77 EPS and FY2024 earnings at $2.81 EPS.
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A number of other brokerages have also commented on CUBE. Wolfe Research assumed coverage on CubeSmart in a research report on Tuesday, January 17th. They set an "outperform" rating and a $48.00 price objective for the company. Truist Financial lifted their price target on CubeSmart from $46.00 to $47.00 and gave the stock a "hold" rating in a research report on Wednesday. Finally, Raymond James dropped their price target on CubeSmart from $58.00 to $48.00 and set a "strong-buy" rating on the stock in a research report on Monday, January 9th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.57.
CubeSmart Trading Down 2.4 %
Shares of CUBE stock opened at $45.62 on Friday. The stock has a 50-day simple moving average of $44.46 and a 200 day simple moving average of $42.59. CubeSmart has a fifty-two week low of $36.82 and a fifty-two week high of $54.95. The stock has a market capitalization of $10.25 billion, a P/E ratio of 35.36, a P/E/G ratio of 2.13 and a beta of 0.57. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.05.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its position in shares of CubeSmart by 3.3% during the second quarter. Mackenzie Financial Corp now owns 7,042 shares of the real estate investment trust's stock worth $301,000 after buying an additional 226 shares during the period. M&T Bank Corp raised its holdings in CubeSmart by 1.0% during the third quarter. M&T Bank Corp now owns 25,747 shares of the real estate investment trust's stock worth $1,030,000 after acquiring an additional 257 shares in the last quarter. Allworth Financial LP raised its holdings in CubeSmart by 60.7% during the fourth quarter. Allworth Financial LP now owns 715 shares of the real estate investment trust's stock worth $29,000 after acquiring an additional 270 shares in the last quarter. Assetmark Inc. raised its holdings in CubeSmart by 10.9% during the third quarter. Assetmark Inc. now owns 2,800 shares of the real estate investment trust's stock worth $112,000 after acquiring an additional 275 shares in the last quarter. Finally, Toronto Dominion Bank raised its holdings in CubeSmart by 1.2% during the third quarter. Toronto Dominion Bank now owns 23,796 shares of the real estate investment trust's stock worth $953,000 after acquiring an additional 278 shares in the last quarter. 93.62% of the stock is owned by institutional investors and hedge funds.
CubeSmart Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Monday, April 3rd will be issued a $0.49 dividend. The ex-dividend date is Friday, March 31st. This represents a $1.96 dividend on an annualized basis and a yield of 4.30%. CubeSmart's dividend payout ratio is presently 151.94%.
CubeSmart Company Profile
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CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.
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