CubeSmart (NYSE:CUBE) Short Interest Down 9.2% in March

CubeSmart (NYSE:CUBE) saw a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 5,300,000 shares, a decline of 9.2% from the March 15th total of 5,840,000 shares. Based on an average daily volume of 1,500,000 shares, the days-to-cover ratio is currently 3.5 days.

Institutional Trading of CubeSmart

Several institutional investors and hedge funds have recently made changes to their positions in CUBE. Hennion & Walsh Asset Management Inc. purchased a new stake in CubeSmart during the 1st quarter valued at approximately $270,000. Hazelview Securities Inc. raised its stake in shares of CubeSmart by 100.8% during the 1st quarter. Hazelview Securities Inc. now owns 230,320 shares of the real estate investment trust’s stock worth $10,371,000 after buying an additional 115,600 shares in the last quarter. Gateway Investment Advisers LLC raised its stake in shares of CubeSmart by 24.8% during the 1st quarter. Gateway Investment Advisers LLC now owns 234,822 shares of the real estate investment trust’s stock worth $10,619,000 after buying an additional 46,718 shares in the last quarter. Cooper Financial Group grew its holdings in shares of CubeSmart by 8.6% in the 1st quarter. Cooper Financial Group now owns 11,225 shares of the real estate investment trust’s stock worth $508,000 after acquiring an additional 886 shares during the period. Finally, Rise Advisors LLC acquired a new stake in shares of CubeSmart in the 1st quarter worth approximately $26,000. 97.61% of the stock is owned by hedge funds and other institutional investors.

CubeSmart Stock Performance

Shares of NYSE:CUBE remained flat at $42.21 on Wednesday. The stock had a trading volume of 899,369 shares, compared to its average volume of 1,486,186. The stock’s fifty day moving average is $44.00 and its 200-day moving average is $42.10. The stock has a market capitalization of $9.50 billion, a P/E ratio of 23.32 and a beta of 0.69. CubeSmart has a twelve month low of $33.17 and a twelve month high of $47.81. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 4.83%. The ex-dividend date was Thursday, March 28th. CubeSmart’s payout ratio is currently 112.71%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CUBE shares. Barclays began coverage on CubeSmart in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price on the stock. Truist Financial boosted their price objective on CubeSmart from $43.00 to $46.00 and gave the company a “hold” rating in a report on Thursday, December 28th. Wells Fargo & Company boosted their target price on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, April 5th. Evercore ISI boosted their target price on CubeSmart from $43.00 to $45.00 and gave the stock an “in-line” rating in a research note on Monday, March 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research note on Tuesday, January 30th. They set a “sell” rating and a $40.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, CubeSmart presently has an average rating of “Hold” and an average target price of $46.33.

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.