Evercore ISI Reiterates “Outperform” Rating for CubeSmart (CUBE)
CubeSmart (NYSE:CUBE)‘s stock had its “outperform” rating reissued by Evercore ISI in a report issued on Thursday. They presently have a $28.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $27.00. Evercore ISI’s target price suggests a potential upside of 7.80% from the stock’s previous close.
Several other brokerages have also recently weighed in on CUBE. Zacks Investment Research cut CubeSmart from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. BMO Capital Markets reiterated a “market perform” rating and set a $27.00 price target on shares of CubeSmart in a research report on Monday. Bank of America Corporation cut CubeSmart from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $27.75 to $25.00 in a research report on Thursday, July 20th. UBS AG cut CubeSmart from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 30th. Finally, BidaskClub upgraded CubeSmart from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 5th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $28.25.
Shares of CubeSmart (NYSE:CUBE) traded up 1.703% on Thursday, hitting $25.975. The company had a trading volume of 1,078,341 shares. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of 44.862 and a beta of 0.17. CubeSmart has a 52 week low of $22.83 and a 52 week high of $28.47. The stock’s 50-day moving average is $24.64 and its 200 day moving average is $25.20.
CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. The firm had revenue of $138.60 million during the quarter, compared to analysts’ expectations of $138.07 million. During the same period last year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities analysts expect that CubeSmart will post $0.69 EPS for the current year.
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Institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its holdings in CubeSmart by 7.4% in the second quarter. The Manufacturers Life Insurance Company now owns 5,341 shares of the real estate investment trust’s stock valued at $128,000 after purchasing an additional 370 shares during the period. PNC Financial Services Group Inc. grew its holdings in CubeSmart by 31.9% in the first quarter. PNC Financial Services Group Inc. now owns 5,400 shares of the real estate investment trust’s stock valued at $140,000 after purchasing an additional 1,306 shares during the period. Salem Investment Counselors Inc. acquired a new stake in CubeSmart in the first quarter valued at approximately $149,000. Commonwealth Bank of Australia grew its holdings in CubeSmart by 3.9% in the second quarter. Commonwealth Bank of Australia now owns 7,568 shares of the real estate investment trust’s stock valued at $181,000 after purchasing an additional 283 shares during the period. Finally, Neuberger Berman Group LLC acquired a new stake in CubeSmart in the first quarter valued at approximately $222,000.
CubeSmart Company Profile
CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.
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