CubeSmart (NYSE:CUBE) Stock Price Target Raised at Truist Financial

CubeSmart (NYSE:CUBE) had its price objective increased by research analysts at Truist Financial from $41.00 to $49.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s price target would indicate a potential upside of 8.62% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on CUBE. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of CubeSmart in a research note on Tuesday, August 4th. Evercore set a $46.00 target price on shares of CubeSmart in a research report on Monday, September 21st. Wells Fargo & Company lifted their target price on shares of CubeSmart from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, July 24th. Raymond James Financial assumed coverage on shares of CubeSmart in a research note on Wednesday, July 15th. They issued an “outperform” rating and a $44.00 price target for the company. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CubeSmart in a research report on Tuesday, October 13th. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $44.00.

CubeSmart Price Performance

Shares of NYSE CUBE traded down $0.03 during trading hours on Thursday, reaching $45.11. 604,027 shares of the stock traded hands, compared to its average volume of 2,290,239. The company has a market capitalization of $10.08 billion, a P/E ratio of 29.87, a price-to-earnings-growth ratio of 7.15 and a beta of 0.98. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 1.42. CubeSmart has a 52-week low of $35.09 and a 52-week high of $46.41. The company’s 50-day simple moving average is $39.90 and its two-hundred day simple moving average is $39.83.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, October 29th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.23). CubeSmart had a return on equity of 13.15% and a net margin of 30.17%. The firm had revenue of $293.97 million during the quarter, compared to analysts’ expectations of $287.28 million. During the same period in the prior year, the company earned $0.65 EPS. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. Equities research analysts forecast that CubeSmart will post 2.59 EPS for the current year.

Insiders Place Their Bets

In other CubeSmart news, insider Jeffrey Foster sold 22,776 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $43.72, for a total value of $995,766.72. Following the completion of the sale, the insider owned 205,057 shares in the company, valued at approximately $8,965,092.04. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CUBE. Essential Partners LLC raised its holdings in CubeSmart by 594.7% during the 1st quarter. Essential Partners LLC now owns 910 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 779 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in CubeSmart by 143.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 941 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 554 shares during the last quarter. Bessemer Group Inc. increased its position in shares of CubeSmart by 145.7% in the third quarter. Bessemer Group Inc. now owns 1,398 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 829 shares during the period. Elevation Wealth Partners LLC increased its position in shares of CubeSmart by 38.1% in the second quarter. Elevation Wealth Partners LLC now owns 1,417 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 391 shares during the period. Finally, Global Retirement Partners LLC purchased a new position in shares of CubeSmart in the second quarter valued at about $60,000. Institutional investors own 97.61% of the company’s stock.

About CubeSmart

CubeSmart is a self-storage real estate investment trust (REIT) that owns and operates storage facilities in the United States. Its facilities provide rental storage space for individuals and businesses, with options that may include climate-controlled units and storage for vehicles, depending on the location. In addition to operating its own properties, CubeSmart provides management services for self-storage facilities owned by third parties. Its locations serve customers in markets across the country, including major metropolitan areas.