CubeSmart (NYSE:CUBE - Get Free Report) saw a significant increase in short interest in May. As of May 15th, there was short interest totalling 4,540,000 shares, an increase of 24.0% from the April 30th total of 3,660,000 shares. Currently, 2.0% of the company's stock are sold short. Based on an average daily volume of 1,980,000 shares, the days-to-cover ratio is presently 2.3 days.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on the stock. Royal Bank of Canada lowered their price objective on shares of CubeSmart from $53.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Wolfe Research began coverage on shares of CubeSmart in a research note on Monday, May 19th. They issued an "outperform" rating and a $48.00 price target for the company. Mizuho raised their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Scotiabank raised their price objective on shares of CubeSmart from $40.00 to $45.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Finally, Truist Financial boosted their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $47.36.
Check Out Our Latest Stock Report on CubeSmart
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of CUBE. Vanguard Group Inc. raised its position in shares of CubeSmart by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 31,507,111 shares of the real estate investment trust's stock valued at $1,350,080,000 after buying an additional 85,609 shares during the last quarter. Norges Bank acquired a new position in CubeSmart in the 4th quarter valued at approximately $408,064,000. T. Rowe Price Investment Management Inc. raised its holdings in CubeSmart by 28.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,664,210 shares of the real estate investment trust's stock valued at $370,049,000 after acquiring an additional 1,937,055 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of CubeSmart by 8.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,834,955 shares of the real estate investment trust's stock worth $291,922,000 after acquiring an additional 543,158 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of CubeSmart by 29.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,561,206 shares of the real estate investment trust's stock worth $237,519,000 after purchasing an additional 1,261,746 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.
CubeSmart Trading Up 0.1%
CUBE traded up $0.03 during trading on Thursday, reaching $42.67. The company had a trading volume of 1,123,642 shares, compared to its average volume of 1,508,043. CubeSmart has a 12-month low of $34.24 and a 12-month high of $55.14. 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 $9.73 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 11.58 and a beta of 0.98. The firm's 50-day simple moving average is $40.78 and its 200 day simple moving average is $42.46.
CubeSmart (NYSE:CUBE - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, topping the consensus estimate of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same quarter in the prior year, the business posted $0.64 EPS. CubeSmart's quarterly revenue was up 4.4% on a year-over-year basis. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.
CubeSmart Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.88%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio is currently 123.08%.
About CubeSmart
(
Get Free Report)
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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