CubeSmart (NYSE:CUBE) Sets New 1-Year High – Time to Buy?

CubeSmart (NYSE:CUBE) reached a new 52-week high during mid-day trading on Monday. The company traded as high as $43.51 and last traded at $43.2730, with a volume of 243,123 shares changing hands. The stock had previously closed at $42.74.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CUBE. Raymond James Financial started coverage on shares of CubeSmart in a research report on Wednesday, July 15th. They set an “outperform” rating and a $44.00 target price on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of CubeSmart in a research report on Tuesday, August 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of CubeSmart in a research note on Tuesday, October 13th. Truist Financial assumed coverage on CubeSmart in a research report on Friday, October 2nd. They set a “buy” rating and a $41.00 price target on the stock. Finally, Barclays raised CubeSmart from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $45.00 to $46.00 in a research report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $42.73.

CubeSmart Stock Performance

The firm has a market cap of $9.87 billion, a price-to-earnings ratio of 29.26, a P/E/G ratio of 7.42 and a beta of 0.98. The stock has a 50 day moving average of $39.29 and a 200 day moving average of $39.64. The company has a quick ratio of 0.07, a current ratio of 0.06 and a debt-to-equity ratio of 1.42.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.23). The firm had revenue of $293.97 million for the quarter, compared to analyst estimates of $287.28 million. CubeSmart had a net margin of 30.17% and a return on equity of 13.15%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 earnings per share. As a group, analysts anticipate that CubeSmart will post 2.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other CubeSmart news, insider Jeffrey Foster sold 22,776 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $43.72, for a total transaction of $995,766.72. Following the sale, the insider owned 205,057 shares of the company’s stock, valued at approximately $8,965,092.04. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CUBE. HighTower Advisors LLC increased its stake in shares of CubeSmart by 0.5% in the second quarter. HighTower Advisors LLC now owns 59,947 shares of the real estate investment trust’s stock valued at $2,384,000 after buying an additional 281 shares during the period. Fifth Third Bancorp raised its position in shares of CubeSmart by 12.5% during the first quarter. Fifth Third Bancorp now owns 2,608 shares of the real estate investment trust’s stock worth $96,000 after acquiring an additional 289 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of CubeSmart by 15.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,204 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 295 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of CubeSmart by 1.7% during the third quarter. Nisa Investment Advisors LLC now owns 18,317 shares of the real estate investment trust’s stock worth $688,000 after acquiring an additional 307 shares during the last quarter. Finally, Brown Financial Advisors raised its position in shares of CubeSmart by 5.4% during the second quarter. Brown Financial Advisors now owns 6,516 shares of the real estate investment trust’s stock worth $259,000 after acquiring an additional 336 shares during the last quarter. 97.61% of the stock is currently owned by institutional investors.

About CubeSmart

CubeSmart (NYSE: CUBE) is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. The company provides storage space for households, businesses and other customers through a portfolio serving metropolitan areas and communities across the country.

Its facilities offer a range of storage options, including traditional and climate-controlled units, as well as space for vehicles, boats and recreational vehicles at select locations.