CubeSmart (NYSE:CUBE – Free Report) had its price target lifted by Truist Financial from $43.00 to $46.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.
Other equities analysts also recently issued research reports about the company. Raymond James cut their price objective on CubeSmart from $50.00 to $45.00 and set an outperform rating on the stock in a research report on Tuesday, October 24th. Bank of America downgraded CubeSmart from a buy rating to a neutral rating and cut their price objective for the company from $51.00 to $38.00 in a research report on Monday, October 30th. Stifel Nicolaus reaffirmed a buy rating and issued a $50.00 price objective on shares of CubeSmart in a research report on Wednesday, September 13th. StockNews.com initiated coverage on CubeSmart in a research report on Thursday, October 5th. They set a hold rating on the stock. Finally, BMO Capital Markets raised CubeSmart from a market perform rating to an outperform rating and increased their price target for the stock from $46.00 to $49.00 in a research report on Friday, December 15th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $45.00.
View Our Latest Stock Report on CubeSmart
CubeSmart Stock Performance
Shares of CubeSmart stock opened at $46.35 on Thursday. The stock’s fifty day moving average is $39.96 and its two-hundred day moving average is $41.15. The company has a market capitalization of $10.42 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 3.22 and a beta of 0.68. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.03. CubeSmart has a 52 week low of $33.17 and a 52 week high of $48.93.
CubeSmart Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, December 29th. This represents a $2.04 dividend on an annualized basis and a yield of 4.40%. This is an increase from CubeSmart’s previous quarterly dividend of $0.49. CubeSmart’s dividend payout ratio (DPR) is presently 122.16%.
Institutional Investors Weigh In On CubeSmart
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in CubeSmart by 4.9% during the first quarter. Vanguard Group Inc. now owns 32,178,558 shares of the real estate investment trust’s stock valued at $1,674,250,000 after purchasing an additional 1,515,436 shares in the last quarter. BlackRock Inc. raised its stake in CubeSmart by 0.5% in the first quarter. BlackRock Inc. now owns 26,226,479 shares of the real estate investment trust’s stock valued at $1,212,188,000 after buying an additional 138,651 shares during the last quarter. State Street Corp raised its stake in CubeSmart by 1.4% in the first quarter. State Street Corp now owns 12,425,300 shares of the real estate investment trust’s stock valued at $580,252,000 after buying an additional 173,717 shares during the last quarter. Norges Bank purchased a new stake in CubeSmart in the fourth quarter valued at about $293,769,000. Finally, JPMorgan Chase & Co. raised its stake in CubeSmart by 23.4% in the second quarter. JPMorgan Chase & Co. now owns 6,845,078 shares of the real estate investment trust’s stock valued at $305,701,000 after buying an additional 1,299,901 shares during the last quarter. Institutional investors own 96.66% of the company’s stock.
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, 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.
Further Reading
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Source: defenseworld.net
