CubeSmart (NYSE:CUBE) Sees Large Growth in Short Interest

CubeSmart (NYSE:CUBEGet Rating) was the target of a large increase in short interest in April. As of April 30th, there was short interest totalling 5,430,000 shares, an increase of 31.8% from the April 15th total of 4,120,000 shares. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is currently 3.5 days.

Several institutional investors have recently made changes to their positions in CUBE. MUFG Americas Holdings Corp boosted its stake in CubeSmart by 97.5% in the 4th quarter. MUFG Americas Holdings Corp now owns 472 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 233 shares in the last quarter. Comerica Bank raised its holdings in shares of CubeSmart by 3.3% in the first quarter. Comerica Bank now owns 7,373 shares of the real estate investment trust’s stock worth $402,000 after buying an additional 233 shares during the last quarter. Wedbush Securities Inc. raised its holdings in shares of CubeSmart by 3.4% in the first quarter. Wedbush Securities Inc. now owns 7,085 shares of the real estate investment trust’s stock worth $369,000 after buying an additional 235 shares during the last quarter. Exane Derivatives lifted its stake in shares of CubeSmart by 7.7% during the fourth quarter. Exane Derivatives now owns 3,285 shares of the real estate investment trust’s stock worth $187,000 after buying an additional 236 shares during the period. Finally, Huntington National Bank grew its holdings in shares of CubeSmart by 77.5% during the fourth quarter. Huntington National Bank now owns 575 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 251 shares during the last quarter. 95.92% of the stock is owned by hedge funds and other institutional investors.

NYSE CUBE traded down $0.35 on Tuesday, hitting $42.45. The stock had a trading volume of 1,324,572 shares, compared to its average volume of 1,647,891. The business’s fifty day moving average price is $49.91 and its 200 day moving average price is $51.71. The stock has a market cap of $9.53 billion, a price-to-earnings ratio of 40.43, a price-to-earnings-growth ratio of 2.40 and a beta of 0.49. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.05 and a quick ratio of 0.05. CubeSmart has a 52-week low of $41.41 and a 52-week high of $57.34.

CubeSmart (NYSE:CUBEGet Rating) last posted its quarterly earnings data on Thursday, April 28th. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.40). CubeSmart had a return on equity of 10.78% and a net margin of 26.65%. The business had revenue of $238.57 million during the quarter, compared to analyst estimates of $240.13 million. During the same period in the previous year, the business earned $0.47 EPS. The firm’s revenue for the quarter was up 26.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that CubeSmart will post 2.43 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 18th. Stockholders of record on Friday, April 1st were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, March 31st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 4.05%. CubeSmart’s payout ratio is 163.81%.

A number of equities analysts have recently issued reports on CUBE shares. JPMorgan Chase & Co. increased their price target on CubeSmart from $57.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, April 4th. Zacks Investment Research lowered shares of CubeSmart from a “buy” rating to a “hold” rating in a report on Friday, March 11th. Truist Financial lowered their price target on shares of CubeSmart from $55.00 to $48.00 and set a “na” rating for the company in a research report on Monday. Finally, StockNews.com raised shares of CubeSmart from a “sell” rating to a “hold” rating in a report on Thursday, May 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $51.57.

About CubeSmart (Get Rating)

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 2020 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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