CubeSmart (NYSE:CUBE) was the target of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 6,560,000 shares, a decline of 17.6% from the January 15th total of 7,960,000 shares. Based on an average daily volume of 1,830,000 shares, the short-interest ratio is presently 3.6 days. Approximately 3.4% of the company’s shares are sold short.
Institutional investors have recently modified their holdings of the company. Garrett Wealth Advisory Group LLC bought a new stake in shares of CubeSmart in the third quarter valued at about $27,000. Van ECK Associates Corp bought a new stake in shares of CubeSmart in the fourth quarter valued at about $36,000. Signaturefd LLC lifted its holdings in shares of CubeSmart by 167.0% in the fourth quarter. Signaturefd LLC now owns 1,236 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 773 shares in the last quarter. Evoke Wealth LLC bought a new stake in shares of CubeSmart in the third quarter valued at about $45,000. Finally, NEXT Financial Group Inc lifted its holdings in shares of CubeSmart by 190.0% in the third quarter. NEXT Financial Group Inc now owns 1,450 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 950 shares in the last quarter. Institutional investors own 99.06% of the company’s stock.
Several research firms have weighed in on CUBE. JPMorgan Chase & Co. began coverage on CubeSmart in a report on Wednesday, January 22nd. They set a “neutral” rating and a $32.00 target price on the stock. BMO Capital Markets lowered CubeSmart from a “market perform” rating to an “underperform” rating and set a $30.00 target price on the stock. in a report on Tuesday, January 7th. Raymond James reiterated a “buy” rating and set a $36.00 target price on shares of CubeSmart in a report on Wednesday. Cfra lowered CubeSmart from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Finally, Zacks Investment Research upgraded CubeSmart from a “sell” rating to a “hold” rating in a report on Friday, January 10th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $33.00.
CUBE stock traded up $0.52 during midday trading on Friday, hitting $33.00. 1,322,300 shares of the company’s stock were exchanged, compared to its average volume of 1,599,490. The stock’s fifty day moving average price is $31.51 and its 200-day moving average price is $32.96. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.09 and a current ratio of 0.09. The company has a market cap of $6.20 billion, a PE ratio of 35.48, a price-to-earnings-growth ratio of 5.68 and a beta of 0.16. CubeSmart has a one year low of $29.26 and a one year high of $36.32.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This is a positive change from CubeSmart’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 4.00%. CubeSmart’s payout ratio is currently 80.49%.
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 secure storage space for residential and commercial customers. According to the 2019 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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