CubeSmart (NYSE:CUBE) Short Interest Down 9.8% in November

CubeSmart (NYSE:CUBE) saw a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 4,420,000 shares, a decrease 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 short-interest ratio is presently 3.3 days.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CUBE. Jefferies Financial Group increased their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI raised their price target on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Barclays cut their price objective on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Royal Bank of Canada lowered their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Finally, Wells Fargo & Company boosted their price target on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CubeSmart presently has an average rating of “Hold” and a consensus price target of $51.36.

Hedge Funds Weigh In On CubeSmart

A number of hedge funds and other institutional investors have recently bought and sold shares of CUBE. Envestnet Portfolio Solutions Inc. boosted its position in CubeSmart by 12.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 18,520 shares of the real estate investment trust’s stock valued at $837,000 after purchasing an additional 2,054 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of CubeSmart by 4.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 632,893 shares of the real estate investment trust’s stock worth $28,588,000 after acquiring an additional 27,376 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in CubeSmart by 136.3% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 14,129 shares of the real estate investment trust’s stock valued at $638,000 after purchasing an additional 8,149 shares during the last quarter. Pallas Capital Advisors LLC lifted its position in CubeSmart by 10.3% in the 2nd quarter. Pallas Capital Advisors LLC now owns 39,253 shares of the real estate investment trust’s stock valued at $1,901,000 after purchasing an additional 3,653 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock valued at $110,000 after purchasing an additional 311 shares during the period. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Stock Down 0.8 %

CubeSmart stock traded down $0.35 during midday trading on Tuesday, hitting $45.54. The stock had a trading volume of 1,092,061 shares, 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 business has a fifty day moving average price of $48.47 and a 200 day moving average price of $48.51. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The stock 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.

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

CubeSmart Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be paid a dividend of $0.52 per share. This is a positive change 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 annualized dividend and a yield of 4.57%. CubeSmart’s dividend payout ratio is 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.