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

CubeSmart (NYSE:CUBE) was the recipient of a significant drop in short interest during 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 days-to-cover ratio is currently 3.3 days.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Scotiabank cut their price target on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Royal Bank of Canada lowered their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Barclays lowered their price objective on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Jefferies Financial Group increased their price objective on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Wells Fargo & Company increased their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, CubeSmart has an average rating of “Hold” and a consensus target price of $51.36.

CubeSmart Trading Down 0.8 %

Shares of CUBE traded down $0.35 during midday trading on Tuesday, hitting $45.54. 1,092,061 shares of the stock were exchanged, compared to its average volume of 1,346,907. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The stock has a fifty day simple moving average of $48.47 and a 200 day simple moving average of $48.51. The firm has a market cap 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 company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $270.90 million for the quarter, compared to analysts’ expectations of $267.49 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts anticipate that CubeSmart will post 2.63 EPS 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 paid a $0.52 dividend. This is a boost 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 of this dividend is Thursday, January 2nd. CubeSmart’s dividend payout ratio (DPR) is presently 117.51%.

Institutional Trading of CubeSmart

Hedge funds have recently modified their holdings of the stock. Whittier Trust Co. raised its stake in shares of CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 323 shares in the last quarter. UMB Bank n.a. raised its stake 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 buying an additional 444 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in CubeSmart in the second quarter valued at $33,000. Peterson Financial Group Inc. acquired a new stake in CubeSmart in the third quarter valued at $33,000. Finally, Quarry LP raised its stake in CubeSmart by 195.6% in the second quarter. Quarry LP now owns 1,144 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 757 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.

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.