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

CubeSmart (NYSE:CUBE) was the target of a large drop in short interest in 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 trading volume, of 1,350,000 shares, the days-to-cover ratio is presently 3.3 days.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CUBE. Scotiabank dropped their target price on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Jefferies Financial Group raised their price target on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Barclays decreased their price target on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Evercore ISI raised their price target on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Finally, Royal Bank of Canada decreased their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $51.36.

Hedge Funds Weigh In On CubeSmart

Large investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of CubeSmart by 326.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,676,177 shares of the real estate investment trust’s stock valued at $90,229,000 after acquiring an additional 1,282,995 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of CubeSmart by 14.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,089,845 shares of the real estate investment trust’s stock valued at $273,986,000 after acquiring an additional 624,661 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of CubeSmart by 12.5% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,728,220 shares of the real estate investment trust’s stock valued at $123,234,000 after acquiring an additional 303,347 shares during the last quarter. Sei Investments Co. raised its holdings in shares of CubeSmart by 38.2% during the second quarter. Sei Investments Co. now owns 762,172 shares of the real estate investment trust’s stock valued at $34,427,000 after acquiring an additional 210,871 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of CubeSmart by 46.6% during the third quarter. Victory Capital Management Inc. now owns 546,274 shares of the real estate investment trust’s stock valued at $29,406,000 after acquiring an additional 173,683 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

CubeSmart Stock Performance

Shares of CUBE traded down $0.35 during mid-day trading on Tuesday, reaching $45.54. The company had a trading volume of 1,092,061 shares, 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 company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $10.30 billion, a P/E ratio of 25.73, a PEG ratio of 13.00 and a beta of 0.84. The stock has a 50 day moving average of $48.47 and a two-hundred day moving average of $48.51.

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

CubeSmart Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be issued a $0.52 dividend. This is a boost from CubeSmart’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 4.57%. 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.