CubeSmart (NYSE:CUBE) Reaches New 12-Month Low – Here’s Why

CubeSmart (NYSE:CUBE) shares hit a new 52-week low during trading on Thursday . The stock traded as low as $34.24 and last traded at $38.11, with a volume of 2383664 shares traded. The stock had previously closed at $35.88.

Analysts Set New Price Targets

CUBE has been the subject of a number of research analyst reports. KeyCorp raised shares of CubeSmart from a “sector weight” rating to an “overweight” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Royal Bank of Canada decreased their target price on CubeSmart from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Wells Fargo & Company dropped their price target on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Barclays cut their price target on CubeSmart from $50.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and lowered their price objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $47.31.

CubeSmart Trading Up 1.6 %

The company’s fifty day moving average price is $41.25 and its two-hundred day moving average price is $44.58. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market cap of $8.58 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, February 27th. The real estate investment trust reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.23. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company had revenue of $231.41 million for the quarter, compared to analyst estimates of $267.54 million. Research analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.53%. The ex-dividend date of this dividend is Tuesday, April 1st. CubeSmart’s dividend payout ratio is currently 120.93%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in CubeSmart in the 4th quarter valued at $408,064,000. Raymond James Financial Inc. acquired a new position in shares of CubeSmart during the fourth quarter valued at $21,278,000. Oak Thistle LLC boosted its holdings in CubeSmart by 232.9% in the fourth quarter. Oak Thistle LLC now owns 32,280 shares of the real estate investment trust’s stock valued at $1,383,000 after acquiring an additional 22,582 shares during the last quarter. JPMorgan Chase & Co. increased its position in CubeSmart by 8.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,299,460 shares of the real estate investment trust’s stock worth $184,232,000 after purchasing an additional 352,754 shares during the period. Finally, Entropy Technologies LP bought a new stake in CubeSmart during the 4th quarter worth about $445,000. 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.