Raymond James upgraded shares of CubeSmart (NYSE:CUBE) from an outperform rating to a strong-buy rating in a research report released on Monday morning, BenzingaRatingsTable reports. Raymond James currently has $38.50 price target on the real estate investment trust’s stock, up from their previous price target of $38.00.
Several other analysts have also weighed in on the stock. Bank of America lowered shares of CubeSmart from a buy rating to a neutral rating in a research note on Friday, July 19th. Robert W. Baird set a $35.00 target price on shares of CubeSmart and gave the company a hold rating in a research note on Wednesday, August 21st. Zacks Investment Research upgraded shares of CubeSmart from a hold rating to a buy rating and set a $39.00 target price for the company in a research note on Monday, September 30th. ValuEngine lowered shares of CubeSmart from a buy rating to a hold rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus began coverage on shares of CubeSmart in a research note on Monday, August 19th. They set a hold rating and a $35.00 target price for the company. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $33.79.
Shares of NYSE:CUBE traded down $0.39 during midday trading on Monday, reaching $34.53. The company had a trading volume of 1,175,579 shares, compared to its average volume of 1,160,499. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.09 and a quick ratio of 0.09. The stock’s fifty day moving average price is $35.16 and its 200-day moving average price is $34.00. The stock has a market capitalization of $6.62 billion, a P/E ratio of 21.05, a PEG ratio of 5.94 and a beta of 0.16. CubeSmart has a one year low of $27.51 and a one year high of $36.32.
In other CubeSmart news, CFO Timothy M. Martin sold 32,028 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $35.75, for a total value of $1,145,001.00. Following the completion of the sale, the chief financial officer now directly owns 214,264 shares of the company’s stock, valued at approximately $7,659,938. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher P. Marr sold 79,888 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $36.15, for a total transaction of $2,887,951.20. Following the completion of the sale, the chief executive officer now directly owns 403,687 shares of the company’s stock, valued at $14,593,285.05. The disclosure for this sale can be found here. Insiders sold a total of 129,707 shares of company stock valued at $4,669,870 over the last three months. 1.04% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CUBE. Garrett Wealth Advisory Group LLC acquired a new stake in CubeSmart during the 3rd quarter worth about $27,000. Zions Bancorporation N.A. acquired a new stake in CubeSmart during the 2nd quarter worth about $32,000. Advisory Services Network LLC raised its holdings in CubeSmart by 200.0% during the 1st quarter. Advisory Services Network LLC now owns 1,500 shares of the real estate investment trust’s stock worth $48,000 after buying an additional 1,000 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in CubeSmart during the 2nd quarter worth about $51,000. Finally, NEXT Financial Group Inc raised its holdings in CubeSmart by 190.0% during the 3rd quarter. NEXT Financial Group Inc now owns 1,450 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 950 shares during the period. Hedge funds and other institutional investors own 99.76% of the company’s stock.
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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