CubeSmart (NYSE:CUBE) Short Interest Down 11.6% in September

CubeSmart (NYSE:CUBE - Get Free Report) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 3,820,000 shares, a decline of 11.6% from the September 15th total of 4,320,000 shares. Based on an average daily volume of 1,270,000 shares, the days-to-cover ratio is currently 3.0 days.

Insider Buying and Selling

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company's stock, valued at $27,947,704.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company's stock, valued at $27,947,704.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of CubeSmart stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at approximately $4,205,194.11. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CubeSmart

Several large investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in CubeSmart by 52.2% in the fourth quarter. Wellington Management Group LLP now owns 1,754,594 shares of the real estate investment trust's stock valued at $81,325,000 after purchasing an additional 601,530 shares during the last quarter. Pensionfund Sabic increased its holdings in CubeSmart by 25.3% in the first quarter. Pensionfund Sabic now owns 34,700 shares of the real estate investment trust's stock valued at $1,569,000 after purchasing an additional 7,000 shares during the last quarter. Mather Group LLC. bought a new stake in CubeSmart in the first quarter valued at about $26,000. Rise Advisors LLC bought a new stake in CubeSmart in the first quarter valued at about $26,000. Finally, Cooper Financial Group increased its holdings in CubeSmart by 8.6% in the first quarter. Cooper Financial Group now owns 11,225 shares of the real estate investment trust's stock valued at $508,000 after purchasing an additional 886 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

CubeSmart stock traded up $0.09 on Tuesday, reaching $50.04. The company's stock had a trading volume of 1,864,169 shares, compared to its average volume of 1,353,441. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 9.11 and a beta of 0.82. The business's fifty day moving average price is $51.42 and its 200 day moving average price is $46.74. CubeSmart has a twelve month low of $33.17 and a twelve month high of $55.14.

CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. During the same period last year, the company earned $0.66 EPS. The company's revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that CubeSmart will post 2.65 earnings per share for the current fiscal year.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart's dividend payout ratio (DPR) is presently 113.33%.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of research reports. Scotiabank initiated coverage on CubeSmart in a research report on Thursday, August 22nd. They set a "sector outperform" rating and a $53.00 price objective on the stock. UBS Group cut CubeSmart from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $53.00 to $54.00 in a research report on Friday, September 13th. Evercore ISI boosted their price objective on CubeSmart from $52.00 to $53.00 and gave the company an "in-line" rating in a research report on Monday, September 16th. Royal Bank of Canada initiated coverage on CubeSmart in a research report on Tuesday, September 10th. They set an "outperform" rating and a $56.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price objective on CubeSmart from $46.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $50.50.

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.