CubeSmart (NYSE:CUBE) Raised 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 published on Monday, Zacks.com reports. They currently have $39.00 price target on the real estate investment trust’s 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 research analysts have also recently weighed in on CUBE. Stifel Nicolaus started coverage on shares of CubeSmart in a report on Monday. They issued a hold rating and a $35.00 price objective for the company. ValuEngine cut shares of CubeSmart from a buy rating to a hold rating in a report on Thursday, August 1st. Finally, Bank of America cut shares of CubeSmart from a buy rating to a neutral rating in a report on Friday, July 19th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. CubeSmart has an average rating of Hold and a consensus target price of $32.60.

CUBE opened at $35.41 on Monday. CubeSmart has a fifty-two week low of $27.19 and a fifty-two week high of $35.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.09 and a current ratio of 0.09. The company has a fifty day moving average of $34.53 and a two-hundred day moving average of $32.79. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 6.41 and a beta of 0.19.

CubeSmart (NYSE:CUBE) last released its quarterly earnings data on Thursday, July 25th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.15). CubeSmart had a net margin of 29.33% and a return on equity of 10.19%. The firm had revenue of $159.00 million during the quarter, compared to analysts’ expectations of $158.86 million. During the same period in the previous year, the firm posted $0.41 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities research analysts forecast that CubeSmart will post 1.67 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.32 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.28 dividend on an annualized basis and a yield of 3.61%. CubeSmart’s payout ratio is 78.05%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zions Bancorporation N.A. purchased a new stake in shares of CubeSmart during the second quarter worth about $32,000. Advisory Services Network LLC increased its stake in shares of CubeSmart by 200.0% during the first quarter. Advisory Services Network LLC now owns 1,500 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,000 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of CubeSmart during the second quarter worth about $51,000. Quadrant Capital Group LLC increased its stake in shares of CubeSmart by 1,473.8% during the first quarter. Quadrant Capital Group LLC now owns 2,880 shares of the real estate investment trust’s stock worth $91,000 after purchasing an additional 2,697 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in shares of CubeSmart during the first quarter worth about $96,000. 96.99% of the stock is owned by institutional investors.

About CubeSmart

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 secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

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