Zacks Investment Research Lowers CubeSmart (CUBE) to Hold

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CubeSmart (NYSE:CUBE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

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. “

A number of other analysts also recently commented on the stock. Raymond James upgraded shares of CubeSmart from a “market perform” rating to an “outperform” rating in a research report on Thursday, March 21st. BMO Capital Markets restated a “hold” rating and set a $30.00 price target on shares of CubeSmart in a research report on Sunday, February 24th. Finally, ValuEngine downgraded shares of CubeSmart from a “buy” rating to a “hold” rating in a research report on Friday, February 22nd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $32.17.

Shares of CUBE stock remained flat at $$32.87 during midday trading on Wednesday. 617,700 shares of the company’s stock were exchanged, compared to its average volume of 1,423,809. CubeSmart has a one year low of $27.19 and a one year high of $33.21. The company has a market cap of $6.23 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 5.76 and a beta of 0.28. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, April 25th. The real estate investment trust reported $0.40 EPS for the quarter, hitting analysts’ consensus estimates of $0.40. CubeSmart had a net margin of 28.02% and a return on equity of 9.67%. The company had revenue of $152.85 million for the quarter, compared to the consensus estimate of $154.06 million. During the same period in the previous year, the firm earned $0.39 EPS. CubeSmart’s revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts anticipate that CubeSmart will post 1.67 EPS for the current year.

In related news, VP Jeffrey P. Foster sold 5,958 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $32.55, for a total value of $193,932.90. Following the sale, the vice president now directly owns 124,739 shares in the company, valued at approximately $4,060,254.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher P. Marr sold 46,178 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $32.47, for a total transaction of $1,499,399.66. Following the completion of the sale, the chief executive officer now owns 449,164 shares in the company, valued at $14,584,355.08. The disclosure for this sale can be found here. Insiders sold a total of 177,773 shares of company stock worth $5,657,530 over the last quarter. Insiders own 1.04% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CUBE. Whittier Trust Co. bought a new stake in shares of CubeSmart in the 4th quarter worth approximately $29,000. We Are One Seven LLC purchased a new position in shares of CubeSmart in the fourth quarter worth approximately $50,000. Neuburgh Advisers LLC purchased a new position in shares of CubeSmart in the first quarter worth approximately $50,000. Quadrant Capital Group LLC increased its position in shares of CubeSmart by 1,473.8% in the first quarter. Quadrant Capital Group LLC now owns 2,880 shares of the real estate investment trust’s stock worth $91,000 after acquiring an additional 2,697 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of CubeSmart in the first quarter worth approximately $96,000.

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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