Short Interest in CubeSmart (NYSE:CUBE) Declines By 9.8%

CubeSmart (NYSE:CUBE) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 4,420,000 shares, a drop of 9.8% from the November 15th total of 4,900,000 shares. Based on an average daily volume of 1,350,000 shares, the short-interest ratio is presently 3.3 days.

Institutional Investors Weigh In On CubeSmart

A number of institutional investors have recently bought and sold shares of the stock. Whittier Trust Co. boosted its holdings in shares of CubeSmart by 136.9% in the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 323 shares during the last quarter. UMB Bank n.a. boosted its holdings in CubeSmart by 302.0% in the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 444 shares during the last quarter. Peterson Financial Group Inc. purchased a new stake in CubeSmart during the third quarter valued at about $33,000. Ashton Thomas Private Wealth LLC acquired a new stake in CubeSmart during the second quarter worth about $33,000. Finally, Brooklyn Investment Group purchased a new position in shares of CubeSmart in the 3rd quarter worth about $59,000. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Barclays decreased their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Evercore ISI raised their price target on CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada dropped their target price on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, CubeSmart has a consensus rating of “Hold” and a consensus price target of $51.36.

CubeSmart Trading Down 0.8 %

Shares of NYSE CUBE traded down $0.35 during midday trading on Tuesday, reaching $45.54. 1,092,061 shares of the stock were exchanged, compared to its average volume of 1,346,907. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $10.30 billion, a P/E ratio of 25.73, a P/E/G ratio of 13.00 and a beta of 0.84. The stock has a 50 day moving average price of $48.47 and a 200-day moving average price of $48.51. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The business had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 EPS. Equities research analysts expect that CubeSmart will post 2.63 earnings per share for the current fiscal year.

CubeSmart Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.52 per share. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 4.57%. The ex-dividend date is Thursday, January 2nd. CubeSmart’s dividend payout ratio is presently 117.51%.

CubeSmart Company Profile

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, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.