CubeSmart (NYSE:CUBE) Upgraded by Raymond James to “Strong-Buy”

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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.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.15). The company had revenue of $159.00 million during the quarter, compared to the consensus estimate of $158.86 million. CubeSmart had a return on equity of 10.19% and a net margin of 29.33%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. As a group, sell-side analysts forecast that CubeSmart will post 1.67 earnings per share for the current year.

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.

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 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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Analyst Recommendations for CubeSmart (NYSE:CUBE)

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