Smartstop Self Storage REIT (NYSE:SMA) Announces Earnings Results

Smartstop Self Storage REIT (NYSE:SMA) posted its quarterly earnings results on Wednesday. The healthcare company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.34), FiscalAI reports. Smartstop Self Storage REIT had a net margin of 10.52% and a return on equity of 2.63%. The company had revenue of $81.78 million during the quarter.

Smartstop Self Storage REIT Stock Up 0.7%

NYSE SMA traded up $0.27 during trading hours on Friday, hitting $38.97. The company’s stock had a trading volume of 500,932 shares, compared to its average volume of 776,826. Smartstop Self Storage REIT has a 52 week low of $29.41 and a 52 week high of $39.48. The company has a market capitalization of $2.16 billion, a PE ratio of 67.19 and a beta of 0.27. The company has a current ratio of 5.28, a quick ratio of 5.28 and a debt-to-equity ratio of 0.89. The company’s 50-day simple moving average is $33.47 and its two-hundred day simple moving average is $32.71.

Smartstop Self Storage REIT Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a $0.1315 dividend. The ex-dividend date is Monday, November 30th. This represents a $1.58 dividend on an annualized basis and a dividend yield of 4.0%. This is a drop from Smartstop Self Storage REIT’s previous monthly dividend of $0.1359. Smartstop Self Storage REIT’s dividend payout ratio (DPR) is currently 270.69%.

Insider Buying and Selling

In other Smartstop Self Storage REIT news, General Counsel Nicholas Look sold 1,025 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $34.36, for a total transaction of $35,219.00. Following the completion of the sale, the general counsel directly owned 588 shares of the company’s stock, valued at approximately $20,203.68. The trade was a 63.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 2,300 shares of company stock worth $77,604. Insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SMA. Principal Financial Group Inc. raised its stake in shares of Smartstop Self Storage REIT by 25.6% during the 1st quarter. Principal Financial Group Inc. now owns 2,596,133 shares of the healthcare company’s stock worth $78,611,000 after purchasing an additional 528,974 shares during the period. Irenic Capital Management LP bought a new position in Smartstop Self Storage REIT during the second quarter valued at about $28,490,000. Conversant Capital LLC bought a new position in Smartstop Self Storage REIT during the first quarter valued at about $25,972,000. Independent Financial Group LLC bought a new position in Smartstop Self Storage REIT during the first quarter valued at about $10,689,000. Finally, Russell Investments Group Ltd. increased its holdings in Smartstop Self Storage REIT by 98.1% during the third quarter. Russell Investments Group Ltd. now owns 237,187 shares of the healthcare company’s stock worth $7,637,000 after buying an additional 117,456 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SMA. JPMorgan Chase & Co. upped their price target on Smartstop Self Storage REIT from $33.00 to $34.00 and gave the stock an “underweight” rating in a research note on Monday, September 21st. Wells Fargo & Company raised their price objective on Smartstop Self Storage REIT from $33.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 1st. Truist Financial downgraded Smartstop Self Storage REIT from a “buy” rating to a “hold” rating and decreased their price objective for the company from $36.00 to $33.00 in a report on Thursday, October 1st. National Bank Financial boosted their price objective on Smartstop Self Storage REIT from $38.50 to $39.25 and gave the company an “outperform” rating in a report on Tuesday, August 18th. Finally, BMO Capital Markets lowered Smartstop Self Storage REIT from an “outperform” rating to a “market perform” rating and set a $38.00 target price on the stock. in a research report on Thursday, August 27th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Smartstop Self Storage REIT presently has an average rating of “Moderate Buy” and a consensus target price of $36.42.

Smartstop Self Storage REIT Company Profile

SmartStop Self Storage REIT, Inc (NYSE: SMA) is a self-managed real estate investment trust focused on owning, operating and acquiring self-storage properties. Its facilities provide individuals and businesses with storage units in a range of sizes, along with related services such as online reservations, electronic access and tenant protection offerings.

The company serves customers primarily in the United States and also has exposure to the Canadian self-storage market. Its portfolio includes conventional self-storage facilities and properties offering vehicle, commercial and other specialized storage options.