Zacks Investment Research Upgrades CubeSmart (CUBE) to “Buy”
CubeSmart (NYSE:CUBE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $30.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 14.07% from the stock’s current price.
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. “
CUBE has been the topic of a number of other reports. SunTrust Banks Inc. lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $37.00 to $33.00 in a research report on Monday, July 25th. FBR & Co set a $35.00 target price on shares of CubeSmart and gave the stock a “buy” rating in a research report on Sunday, September 18th. Evercore ISI lowered shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. DA Davidson began coverage on shares of CubeSmart in a research report on Friday, June 24th. They set a “neutral” rating and a $35.00 target price on the stock. Finally, Jefferies Group reaffirmed a “buy” rating on shares of CubeSmart in a research report on Monday, August 1st. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. CubeSmart presently has a consensus rating of “Buy” and a consensus price target of $33.55.
CubeSmart (NYSE:CUBE) opened at 26.30 on Wednesday. The company has a 50-day moving average of $27.14 and a 200-day moving average of $29.78. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 53.35 and a beta of 0.47. CubeSmart has a one year low of $25.40 and a one year high of $33.52.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.01. CubeSmart had a net margin of 19.26% and a return on equity of 5.57%. The company had revenue of $126.53 million for the quarter, compared to analyst estimates of $124.94 million. During the same period in the prior year, the company posted $0.31 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities analysts forecast that CubeSmart will post $1.41 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.84 annualized dividend and a yield of 3.19%. CubeSmart’s dividend payout ratio (DPR) is 171.43%.
In other CubeSmart news, Director William M. Diefenderfer III sold 2,961 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $27.25, for a total value of $80,687.25. Following the completion of the sale, the director now directly owns 128,486 shares in the company, valued at $3,501,243.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.13% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. BlackRock Japan Co. Ltd increased its stake in shares of CubeSmart by 0.7% in the second quarter. BlackRock Japan Co. Ltd now owns 10,655 shares of the company’s stock valued at $329,000 after buying an additional 79 shares during the period. Segall Bryant & Hamill LLC increased its stake in CubeSmart by 1.3% in the second quarter. Segall Bryant & Hamill LLC now owns 12,825 shares of the company’s stock valued at $396,000 after buying an additional 170 shares during the last quarter. Neuberger Berman Group LLC increased its stake in CubeSmart by 5.0% in the second quarter. Neuberger Berman Group LLC now owns 6,770 shares of the company’s stock valued at $209,000 after buying an additional 324 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in CubeSmart by 0.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 125,354 shares of the company’s stock valued at $4,174,000 after buying an additional 345 shares during the last quarter. Finally, Veritable L.P. increased its stake in CubeSmart by 2.3% in the second quarter. Veritable L.P. now owns 20,949 shares of the company’s stock valued at $647,000 after buying an additional 470 shares during the last quarter.
CubeSmart operates as a self-managed and self-administered real estate investment trust (REIT). The Company’s operations are conducted solely through CubeSmart, L.P. (the Operating Partnership) and its subsidiaries. The Company is focused primarily on the ownership, operation, management, acquisition and development of self-storage facilities in the United States.
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