Short Interest in CubeSmart (NYSE:CUBE) Decreases By 9.2%

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Albion Financial Group UT raised its holdings in CubeSmart by 0.3% during the fourth quarter. Albion Financial Group UT now owns 79,508 shares of the real estate investment trust's stock worth $3,685,000 after purchasing an additional 254 shares during the last quarter. M&T Bank Corp boosted its holdings in CubeSmart by 1.0% in the third quarter. M&T Bank Corp now owns 25,747 shares of the real estate investment trust's stock valued at $1,030,000 after acquiring an additional 257 shares during the last quarter. Coldstream Capital Management Inc. lifted its stake in shares of CubeSmart by 0.8% during the fourth quarter. Coldstream Capital Management Inc. now owns 34,500 shares of the real estate investment trust's stock worth $1,599,000 after purchasing an additional 266 shares in the last quarter. Gries Financial LLC lifted its stake in shares of CubeSmart by 0.6% during the second quarter. Gries Financial LLC now owns 43,588 shares of the real estate investment trust's stock worth $1,947,000 after purchasing an additional 278 shares in the last quarter. Finally, Toronto Dominion Bank lifted its stake in shares of CubeSmart by 1.2% during the third quarter. Toronto Dominion Bank now owns 24,631 shares of the real estate investment trust's stock worth $939,000 after purchasing an additional 281 shares in the last quarter. Hedge funds and other institutional investors own 97.61% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wells Fargo & Company upped their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the company an "equal weight" rating in a report on Friday, April 5th. Truist Financial increased their price target on shares of CubeSmart from $43.00 to $46.00 and gave the stock a "hold" rating in a report on Thursday, December 28th. Barclays started coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an "equal weight" rating and a $48.00 price target on the stock. Evercore ISI increased their price target on shares of CubeSmart from $43.00 to $45.00 and gave the stock an "in-line" rating in a report on Monday, March 4th. Finally, Jefferies Financial Group raised shares of CubeSmart from a "hold" rating to a "buy" rating and increased their price target for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $46.33.

CubeSmart Price Performance

Shares of CubeSmart stock traded down $1.19 on Monday, reaching $42.63. The company's stock had a trading volume of 1,762,075 shares, compared to its average volume of 1,499,768. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 52-week low of $33.17 and a 52-week high of $47.81. The company has a market capitalization of $9.59 billion, a P/E ratio of 24.21 and a beta of 0.69. The stock has a 50-day moving average price of $44.04 and a 200-day moving average price of $42.04.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 1st will be issued a dividend of $0.51 per share. The ex-dividend date is Thursday, March 28th. This represents a $2.04 annualized dividend and a yield of 4.79%. CubeSmart's dividend payout ratio (DPR) is 112.71%.

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.