CubeSmart (NYSE:CUBE) Short Interest Down 15.7% in March

CubeSmart (NYSE:CUBE - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 3,430,000 shares, a drop of 15.7% from the March 15th total of 4,070,000 shares. Currently, 1.5% of the company's stock are short sold. Based on an average daily volume of 1,800,000 shares, the days-to-cover ratio is presently 1.9 days.

Institutional Investors Weigh In On CubeSmart

Institutional investors have recently modified their holdings of the business. Howard Capital Management Group LLC acquired a new stake in CubeSmart in the 3rd quarter worth about $212,000. Barclays PLC grew its position in CubeSmart by 54.0% during the third quarter. Barclays PLC now owns 330,549 shares of the real estate investment trust's stock worth $17,793,000 after buying an additional 115,904 shares in the last quarter. Virtu Financial LLC bought a new position in CubeSmart during the 3rd quarter worth $566,000. Anchor Investment Management LLC acquired a new position in CubeSmart in the 3rd quarter valued at $79,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of CubeSmart during the 3rd quarter valued at $628,000. Institutional investors own 97.61% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays lowered their target price on CubeSmart from $50.00 to $49.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Royal Bank of Canada cut their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a "sell" rating to a "hold" rating and lowered their target price for the stock from $46.00 to $45.00 in a report on Friday, January 10th. Scotiabank cut CubeSmart from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $52.00 to $46.00 in a research report on Wednesday, March 5th. Finally, KeyCorp raised CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, CubeSmart has a consensus rating of "Hold" and a consensus target price of $47.31.

CubeSmart Stock Performance

CUBE stock traded down $0.16 during midday trading on Friday, reaching $39.79. 1,248,767 shares of the company were exchanged, compared to its average volume of 1,438,365. CubeSmart has a one year low of $34.24 and a one year high of $55.14. The firm has a market capitalization of $9.11 billion, a price-to-earnings ratio of 22.48, a price-to-earnings-growth ratio of 11.58 and a beta of 0.85. The business has a 50-day moving average price of $40.68 and a two-hundred day moving average price of $43.74. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The real estate investment trust reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.23. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The firm had revenue of $231.41 million for the quarter, compared to analysts' expectations of $267.54 million. Equities research analysts forecast that CubeSmart will post 2.64 EPS for the current year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.23%. The ex-dividend date was Tuesday, April 1st. CubeSmart's payout ratio is 120.93%.

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.