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

CubeSmart (NYSE:CUBE - Get Free Report) saw a significant 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 trading volume of 1,350,000 shares, the short-interest ratio is presently 3.3 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CUBE. Envestnet Portfolio Solutions Inc. boosted its position in shares of 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 worth $837,000 after purchasing an additional 2,054 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in CubeSmart by 4.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 632,893 shares of the real estate investment trust's stock worth $28,588,000 after purchasing an additional 27,376 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in CubeSmart by 136.3% in the second 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 raised its stake in shares of CubeSmart by 10.3% during the 2nd quarter. Pallas Capital Advisors LLC now owns 39,253 shares of the real estate investment trust's stock worth $1,901,000 after buying an additional 3,653 shares during the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of CubeSmart by 14.7% in the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust's stock worth $110,000 after buying an additional 311 shares in the last quarter. Institutional investors and hedge funds own 97.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CUBE. Evercore ISI lifted their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an "in-line" rating in a research note on Monday, September 16th. Jefferies Financial Group boosted their price target on CubeSmart from $53.00 to $62.00 and gave the company a "buy" rating in a research note on Wednesday, September 18th. Scotiabank cut their price objective on CubeSmart from $53.00 to $52.00 and set a "sector outperform" rating on the stock in a report on Monday, November 25th. Wells Fargo & Company raised their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Monday, October 21st. Finally, UBS Group cut shares of CubeSmart from a "buy" rating to a "neutral" rating and raised their target price for the stock from $53.00 to $54.00 in a report on Friday, September 13th. 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 stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $51.36.

CubeSmart Trading Down 0.8 %

Shares of NYSE CUBE traded down $0.35 during trading on Tuesday, reaching $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 debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The company has a market cap of $10.30 billion, a P/E ratio of 25.73, a PEG ratio of 13.00 and a beta of 0.84. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14. The business's 50-day moving average price is $48.47 and its 200-day moving average price is $48.51.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share 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 for the quarter, compared to analysts' expectations of $267.49 million. During the same period in the prior year, the company posted $0.68 EPS. The firm's revenue was up 1.1% compared to the same quarter last year. On average, equities research analysts predict that CubeSmart will post 2.63 EPS for the current fiscal year.

CubeSmart Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.57%. This is a boost from CubeSmart's previous quarterly dividend of $0.51. CubeSmart's payout ratio is 117.51%.

About CubeSmart

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.

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